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HISTORY 

OF    THE 


JdUtfoli  and  #mtit{  ^{mlnd  Cowpattg, 

INCLUDING  ALL  THE 

Acts  of  the  General  Assembly  of  North  Carolina 

RELATING    THERETO. 


HISTORY  >v 


OF   THE 


Raleigh  &  Gaston  Railroad  Company, 


INCLUDING   ALL   THE 


ACTS  OF  THE  GENERAL  ASSEMBLY 


OP 


NORTH    CAROLINA 


RELATING   THERETO. 


COMPILED    BY 


WALTER   CLARK,  Esq. 

ATTORNEY  AT  LAW. 


RALEIGH: 

THE  RALEIGH  NEWS  STEAM  JOB  PRINT. 

1877. 


Digitized  by  the  Internet  Archive 

in  2012  with  funding  from 

University  of  North  Carolina  at  Chapel  Hill 


http://archive!org/details/historyofraleighOOclark 


CONTENTS. 


Page. 

Act  to  incorporate  the  Raleigh  and  Gaston  Railroad  Company,  1835., 1 

Act  for  the  relief  of  the  Raleigh  and  Gaston  Railroad,  7th  January,  1839 21' 

Act  to  incorporate  the  Weldon  Railroad  Company,  Sth  January,  1S39 28 

Act  for  the  benefit  of  the  Raleigh  and  Gaston  Railroad  Company,  12th  Janu- 

uary,  1841 47 

Act  to  secure  the  State  against  any  and  every  liability  incurred  for  tiie  Raleigh 
and  Gaston  Railroad  Company,  and  for  the  relief  of  the  same,  12th  Janu- 
uary,  1841......... , 47 

Resolution  concerning  the  bonds  of  the  Raleigh  and  Gaston  Railroad  Company, 

25th  January,  1843 55 

Act  to  amend  the  charters  of  the  several  Railroads  in  this  State,  26th  January, 

1S4S. ......-.....; 56 

Act  to  authorize  the  foreclosure  of  the  mortgage  of  the  Raleigh  and  Gaston  Rail- 
road Company,  6th  January,  1845 57 

Act  to  enforce   the  State's  indemnity  against  loss  ou  account  of  her  suretyship 

for  the  Raleigh  and  Gaston  Railroad  Company,  16th  January,  1847.. 64 

Act  for  the  preservation  of  the  Raleigh  and  Gaston  Railroad,  18th  January,  1847,        67 

Act  to  provide,  for  the  transfer  of  the  bonds  of  the  Raleigh  and  Gaston  Railroad 

Company  endorsed  by  the  State,  18th  January,  1847 68 

Resolution  on  the  subject  of  the  Raleigh   and  Gaston   Railroad,  27th  January, 

1849 69 

Act  to  incorporate  the  North  Carolina  Railroad  Company  (parts  affecting  the 

Raleigh  and  Gaston  Railroad  only  .given),  27th  January,  1849 ..„„..        71 

Resolution  to  protect  the  interest  of  the  State  in  the  Raleigh  and  Gaston  Rail- 
road, 29th  January,  1849 74 

Resolution  authorizing  repairs  of  the  Raleigh  and  Gaston  Railroad,  28th  Jan- 
uary, 1851  r.-.        75 

Act  to  incorporate  the  Raleigh  and  Gaston  Railroad  Company,  29th  January, 

1851. 75 

Act  to  amend  the  charter  of  the  Raleigh  and  Gaston  Railroad  Company,  25th 

December,  1852 85 

Resolution  authorizing  his  Excellency ,the  Governor,  to  appoint  an  agent  to  make*V 
a  settlement  with  the  present  Raleigh  and  Gaston  Railroad  Company  and 

Joseph  R.  Anderson,  27th  December,  1852 97 

Resolution  in  relation  to  the  selling  of  Railroad  iron,  &c,  27th  December,  1852,        98 
Act  to  authorize  the  Raleigh  and  Gaston  Railroad  Company  to  take  stock  in 

the  Roanoke  Valley  Railroad  Company,  20th  January,  1855 98 


(II) 

Page. 

Act  allowing  the  Raleigh  and  Gaston  Railroad  Company  to  increase  the  capital 

stock,  23d  February,  1861 99 

Act  to  authorize  the  Raleigh  and  Gaston  Railroad  Company  to  establish  a  ferry 
at  Gaston  for  the  transportation  of  passengers  and  freight  across  the 

Roanoke  river,  16th  December,  1865 101 

Act  to  exempt  the  Raleigh  and  Gaston  Railroad  Company  from  rebuilding  the 

bridge  across  the  Roanoke  at  Gaston,  19th  January,  1866 101 

Ordinance  for  exchanging  the  stocks  of  the  State  for  bonds  issued  before;  the 

year  1861,  16th  June  1866 102 

Act  to  amend  the  charter  of  the  Raleigh  and  Gaston  Railroad  Company,  4th 

March,  1867 104 

Act  for  the  protection  of  immigration  and  the  settlement  of  the  unimproved  lands 

of  the  State,  4th  April,  1871 106 

Act  to  amend  the  charter  of  the  Raleigh  and  Gaston  Railroad  Company,  4th 

December,  1871 Ill 

Act  concerning  the  Chatham  Railroad,  amendatory  of  certain  acts  and  author- 
izing a  change  of  name,  13th  December,  1871 112 

Act  to  regulate  mortgages  by  corporations  and  sales  under  the  same,  1st  March, 

1873 114 

Decision  of  the  United  States  Supreme  Court,  Wilmington  and  Weldon  Railroad 

vs.  Reid,  December,  1871 117 

Decision  of  the  United  States  Supreme  Court,  Raleigh  and  Gaston  Railroad  vs. 

Reid,  December.  1S71 121 

Mortgage  indebtedness  of  the  Raleigh  and  Gaston  Railroad 123 

Resolutions  of  the  stockholders  authorizing  mortgage,  October  3d,  1872.... 123 

Resolutions  of  the  Board  of  Directors  to  prepare  mortgage  4th  October,  1872...      125 
Resolutions  of  the  Board  of  Directors  to  subscribe  for  preferred  stock  in  the 
Raleigh  and  Augusta  Air-Line  Railroad,  and  to  execute  mortgage,  23d 

April,  1873 125 

Deed  of  Trust,  23d  April.  1873 127 

Certificate  of  probate  of  registration  in  Wake  County 131,  132 

Certificate  of  probate  and  registration  in  Franklm  County 133 

Certificate  of  probate  and  registration  in  Granville  County 134 

Certificate  of  probate  and  registration  in  Warren  County 134,  135 

Certificate  of  probate  and  registration  in  Halifax  County 136 

Form  of  Mortgage  Bond 136 

Form  of  Coupon  on  Mortgage  Bond 137 

Condensed  History  of  the  Company 137 

The  IStew  Company... .„;,. 137 


History  of   the   Raleigh   and   Gaston   Railroad  History  of  th^ 

Raipieh  and  Gas- 

Company,  commencing  from  the  year  1835,  the  date  of  t^nBaUwadCom- 
incorporation  of  the  original  company,  styled  "  The 
Rileigh  and  Gaston  Railroad  Company,"  and  continued 
to  the  present  date — containing  those  Acts  of  the  Gene- 
ral Assembly  of  North  Carolina  bearing  directly  upon 
the  charter  and  privileges  of  the  Company,  and  state- 
ments of  such  proceedings  on  the  part  of  the  stockholders? 
the  Board  of  Directors,  and  other  parties,  as  affect  the 
general  interests  of  the  Company. 

The  following  Act  entitled  "An  Act  to  incorporate  the  SSSSSSStoM^ 
Raleigh  and  Gaston  Railroad  Company,"  was  passed  by  the  *«« Kaiiiroad Otm- 
Legislature  of  North  Carolina  at  the  session  of  1835  ; 


AN   ACT     TO     INCORPORATE     THE    RALEIGH   AND   GASTON   RAIL- 
ROAD  COMPANY. 


Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  State 
of  North  Carolina,  and  it  is  hereby  enacted  by  the  authority  of  the 
same,  That  it  shall  be  lawful  to  open  books  in  the  city  of 
Raleigh  under  the  direction  of  George  W.  Mordecai,  Wil- 
liam Boylan,  Thomas  P.  Devereux,  Duncan  Cameron, 
William  H.  Haywood,  Jr.,  Charles  Manly,  Samuel  F.  Pat- 
terson, Alfred  Jones,  Beverly  Daniel  and  Charles  L.  Hin- 
ton,  or  an}r  three  of  them;  at  Louisburg,  under  the  direction 
of  William  H.  Battle,  Samuel  Johnston,  William  P.  Wil- 
liams, Henry  G.  Williams  and  Williamson  Gatewood,  or 
any  three  of  them  ;  at  Nashville,  under  the  direction  of 
Benjamin  Blount,  Henry  Biount,  Samuel  Blount,  Willis 
Boddie  and  James  Battle,  or  any  three  of  them  ;  and  at 
Warrenton,  under  the  direction  of  Thomas  White,  Ben- 
jamin Cook,  Henry  Fitts,  Jacob  Faulcon,  William  K. 
Kearney  and  Joseph  W,  Hawkins,  or  any  three  of  them  ; 


Biv>fcs  to  be 
opened. 


(2) 

and  at  Oxford,  under  the  direction  of  Rhodes  N.  Hern- 
don,  Thomas  B.  Littlejohn,  Benjamin  Kittrell,  James 
Cooper  and  Thomas  Lewis,  or  any  three  of  them  ;  and  at 
Gaston,  under  the  direction  of  William  W.  Wilkins,  John 
T.  Weaver,  James  Vincent,  David  Clements  and  John 
B.  Putney,  or  any  three  of  them  ;  and  at  such  other 
places,  and  under  the  direction  of  such  other  persons  as 
any  three  of  the  commissioners  hereinbefore  named  to 
superintend  the  receiving  of  subscriptions  at  Raleigh, 
capital  stock  or     shall  direct,  for  the  purpose  of  receiving  subscriptions  to 

8800,000  author-  rJ.tr       .,,,         jj.i  i     j    i 

ued.  an  amount  not  exceeding  eight  hundred   thousand   dol- 

lars in  shares  of  one  hundred  dollars  each,  for  the  pur- 
pose of  effecting  a  communication  by  a  railroad  from 
some  point  in  or  near  the  city  of  Raleigh,  to  the  termina- 
tion of  the  Greensville  and  Roanoke  Railroad  at  or  near 
Gaston,  heretofore  called  Wilkins'  Ferry,  and  for  provid- 
ing everything  necessary  and  convenient  for  the  pur- 
pose of  transportation  on  the  same. 

Times  and  places      Sec.  2.    The  times  and  places  for  receiving  subscrip- 

to  be  adve.tised.       ,  .... 

tions  shall  be  advertised  in  one  or  more  newspapers  pub- 
lished in  the  city  of  Raleigh,  and  towns  of  Warrenton 
and  Oxford,  and  the  books  for  receiving  the  same  shall 
not  be  closed  in  less  than  ten  days ;  and  if  it  shall  appear 
that  more  than  eight  thousand  shares  of  the  capital 
stock  aforesaid  shall  have  been  subscribed  for  within  the 
said  ten  days,  it  shall  be  the  duty  of  the  said  commis- 
sioners at  Raleigh,  or  any  five  of  them,  to  reduce  the 
number  of  shares  subscribed  for  among  the  subscribers 
in  fair  and  equal  proportions  to  the  amount  of  stock 
subscribed  for  respectively  by  each  until  the  whole 
amount  of  shares  shall  be  reduced  to  eight  thousand  ;  but 
if  the  whole  amount  shall  not  be  subscribed  for  within 
ten  days  from  the  time  the  books  shall  be  opened  to  re- 
ceive subscriptions,  then  the  books  may  be  closed  or  con- 
tinued open,  or  closed  and  re-opened,  without  further 
notice,  as  a  majority  of  the  above  named  commissioners 


at  Raleigh  may  judge  to  be  most  expedient,  until  the 
whole  number  of  shares  shall  be  subscribed  for. 

Sec.  3.  When  three  thousand  shares  shall  be  subscrib-  JJfmp^ny? 9tyl3 of 
ed  for  in  manner  aforesaid,  the  subscribers,  their  execu- 
tors, administrators  or  assigns,  shall  be,  and  they  are 
hereby  declared  to  be  incorporated  into  a  company  by 
the  name  and  style  of  the  Raleigh  and  Gaston  Railroad 
Company,  and  by  that  name  shall  be  capable  in  law  of 
purchasing,  holding,  selling,  leasing  and  conveying, 
estates,  real  and  personal,  and  mixed,  so  far  as  shall  be 
necessary  for  the  purpose  hereinafter  mentioned,  and  no 
farther;  and  shall  have  perpetual  succession,  and  by  said  ^onpetual  SUCCM* 
corporate  name  may  sue  and  be  sued,  and  may  have  and 
use  a  common  seal,  which  they  shall  have  power  to  alter  or 
renew  at  their  pleasure,  and  shall  have  and  enjoy,  and  may 
exercise  all  the  powers,  rights  and  privileges,  which  other 
corporate  bodies  may  lawfully  do,  for  the  purposes  men- 
tioned in  this  act;  and  may  make  all  such  by-law,  rules 
and  regulations,  not  inconsistent  with  the  laws  of  this 
State,  or  of  the  United  States,  as  shall  be  necessary  for 
well  ordering  and  conducting  the  affairs  of  the  company. 

Sec.  4.  Upon  any  subscription  of  stock  as  aforesaid,  instalments  on 
there  shall  be  paid  at  the  time  of  subscribing,  to  the  said  stock. 
commissioners  or  their  agents  appointed  to  receive  such 
subscriptions,  the  sum  of  two  dollars  on  every  share  sub- 
scribed, and  the  residue  thereof  shall  be  paid  in  such  in- 
stallments, and  at  such  time  as  may  be  required  by  the 
President  and  Directors  of  said  company.  The  said  com- 
missioners or  their  agents  shall  forthwith,  after  the  first 
election  of  President  and  Directors  of  the  company,  pay 
over  to  the  said  President  and  Directors,  all  moneys  re-  * 

ceived  by  them ;  and  on  failure  thereof  the  said  President 
and  Directors  may  recover  the  amount  due  from  them  or 
from  any  one  or  more  of  them,  by  motion  on  ten  days 
previous  notice  in  the  Court  of  Pleas  and  Quarter  Sessions 
or  the  Superior  Court  of  Law,  of  any  county  wherein  such 


(4) 

Commissioner  or  commissioners,  their  executors  or  ad- 
ministrators may  reside,  or  by  warrant  before  a  Justice  of 
said  county. 

^1de™wOhen3,0o6  Sec.  5.  When  three  thousand  shares  or  more  of  the 
stock  shall  have  been  subscribed,  public  notice  of  that 
event  shall  be  given  by  three  or  more  of  the  said  com- 
missioners at  Raleigh,  who  shall  have  power  at  the  same 
time,  to  call  a  general  meeting  of  the  subscribers  at  such 
convenient  place  and  time,  as  they  shall  name  in  said 
notice.  To  constitute  any  such  meeting,  a  number  of 
persons,  entitled  to  a  majority  of  all  the  votes  which 
could  be  given  upon  all  shares  subscribed,  shall  be  pres- 

Quorum.  ent,  either  in  person   or  by   proxy  ;  and    if  a   sufficient 

number  to  constitute  a  meeting  do  not  attend  on  that 
day,  those  who  do  attend  shall  have  power  to  adjourn, 
from  time  to  time,  until  a  meeting  shall  be  formed. 

President  and  five      Sec.  6.  The  subscribers,  at  their  general   meeting  be- 
eiected. '  fore  directed,  and  the  proprietors  of  stock  at  every  annu- 

al meeting  thereafter,  shall  elect  a  president  and  five  di- 
rectors, who  shall  continue  in  office,  unless  sooner  re- 
moved, until  the  next  annual  meeting  after  their  election, 
and  until  their  successors  shall  be  elected;  but  the  president 
or  any  of  the  directors  may  at  any  time  be  removed,  and 
the  vacancy  thereby  occasioned  be  filled  by  a  majority  of 
the  votes  given  at  any  general  meeting.  The  president 
with  any  two  or  more  of  the  directors,  or  in  the  event  of 
the  sickness,  absence,  or  disability  of  the  President,  any 
three  or  more  of  the  Directors,  who  shall  appoint  one  of 
their  own  body  President  pro  tempore,  shall  constitute  a 
board  for  the  transaction  of  business.  In  case  of  vacan- 
cy in  the  office  of  president,  or  any  director,  happening 
from  death,  resignation,  removal  or  disability,  such  va- 
cancy may  be  supplied  by  appointment  of  the  Board 
until  the  next  annual  meeting. 


(5) 

Sec.  7.  The  President  and  Directors  of  the  Said  com-  J*Jf ™  J  jjjj: 
pany  shall  be,  and  they  are  hereby  invested  with  all  the  tors- 
rights  and  powers  necessary  for  the  construction,  repair, 
and  maintaining  of  a  railroad,  to  be  located  as  aforesaid, 
with  as  many  sets  of  tracks  as  they  area  majority  of  them 
may  deem  necesaary,  and  may  cause  to  be  made  and  also 
to  make  and  continue  all  works  whatever  which  may  be 
necessary  and  expedient  in  order  to  the  proper  comple- 
tion of  the  said  railroad. 

Sec.  8.  The  said  President  and  Directors  shall  have  *™t£c£.m»ke 
power  to  make  contracts  with  any  person  or  persons  on 
behalf  of  the  company,  for  making  the  said  railroad,  and 
performing  all  other  works  respecting  the  same  which 
they  shall  judge  necessary  and  proper,  and  to  require 
from  the  subscribars  from  time  to  time  such  advances  of 
money  on  their  respective  shares  as  the  wants  of  the  com- 
pany may  demand,  until  the  whole  of  their  subsciptions 
shall  be  advanced;  to  call,  on  any  emergency,  a  general 
meeting  of  the  subscribers,  giving  one  month's  notice 
thereof  in  one  of  the  newspapers  printed  in  the  city  of 
Raleigh  ;  to  appoint  a  Treasurer,  Clerk,  and  such  other 
officers  as  they  may  require,  and  to  transact  all  the  busi- 
ness of  the  company  during  the  intervals  between  the 
general  meetings  of  the  stockholders. 

Sec.  9.  If  any  stockholder  shall  fail  to  pay  the  sum  re-  Failure  to  pay  in. 
quired  of  him  by  the  President  and  Directors,  or  a  major-  stock, 
ity  of  them,  within  one  month  after  the  same  shall  have 
been  advertised  in  one  of  the  newspapers  published  in 
the  city  of  Raleigh,  it  shall  and  may  be  lawful  for  the 
President  and  Directors,  or  a  majority  of  them,  to  sell  at 
public  auction,  and  to  convey  to  the  purchaser  the  share  r 

or  shares  of  such  stockholder  so  failing  or  refusing,  giv- 
ing one  month's  previous  notice  of  the  time  and  place  of 
sale  in  manner  aforesaid ;  and  after  retaining  the  sum 
due,  and  all  charges  of  the  sale  out  of  the  proceeds  there- 
of, to  pay  the  surplus  over  to  the  former  owner,  or  to  his 


(6) 

legal  representative  ;  and  if  the  said  sale  shall  not  pro- 
duce the  sum  required  to  be  advanced,  with  the  in- 
cidental charges  attending  the  sale,  then  the  President 
and  Directors  may  recover  the  balance  of  the  original 
proprietor,  or  his  assignee,  or  to  the  executor  or  administra- 
tor, or  either  of  them,  by  suit  in  any  court  of  record  hav- 
ing jurisdiction  thereof,  or  by  warrant  befor  a  justice  of 
the  county  of  which  he  is  a  resident ;  and  any  purchaser 
of  the  stock  of  the  company,  under  the  sale  by  the  Presi- 
dent and  Directors,  shall  be  subject  to  the  same  rules  and 
regulations  as  the  original  proprietors. 

?5?S&  rtflfta8"      Sec"  10-  Be  tt  farther  enacted,  That   if  the   capital  stock 
8i,  *o,o(x>.  of  the  company  hereby   incorporated   shall  be  found  in- 

sufficient for  the  purpose  of  this  act,  it  shall  and  may  be 
lawful  for  the  President  and  Directors  of  the  said  com- 
pany, or  a  majority  of  them,  from  time  to  time  to  increase 
the  said  capital  stock  to  an  amount  not  exceeding  one 
million  of  dollars,  by  the  addition  of  as  many  shares  as 
they  may  deem  necessary,  first  giving  to  the  individual 
stockholders,  for  the  time  being,  or  their  legal  represen- 
tatives, the  option  of  taking  such  additional  shares  in 
proportion  to  the  amount  of  stock  respectively  held  by 
them,  and  opening  books  of  subscription  in  the  city  of 
Raleigh,  and  towns  of  Warrenton,  and  Louisburg,  and 
Oxford  and  Xashville,  as  is  herein  prescribed  for  the 
original  stock  of  the  company,  for  any  balance  of  capital 
stock  created  which  may  not  be  taken  by  the  stockhold- 
ers for  the  time  being,  or  in  their  behalf;  and  the  sub- 
scribers for  such  additional  shares  of  the  capital  stock  in 
the  said  company  are  hereby  declared  te  be  thence- 
forward incorporated  into  the  said  company,  with  all  the 
privileges  and  advantages,  and  subject  to  all  the  liabili- 
ties of  the  original  stockholders. 

Powortoborrow        Sec.  11.  Be  it  further  enacted,  That   the  President  and 

money,  &c.  Directors,  or  a  majority   of  them,   shall   have   power  to 

borrow  money  for  the  objects  of  this  act ;  to  issue  certi- 


(7) 

ficates  or  other  evidence  of  such  loans,  and  to  make  the 
Bame  convertible  into  stock  of  the  company,  at  the 
pleasure  of  the  holder:  Provided,  That  the  capital  stock  Proviso, 
shall  not  thereby  be  increased  to  any  amount  exceeding 
ane  million  of  dollars  ;  and  to  pledge  the  property  of  the 
company  for  the  payment  of  the  same,  and  its  interests  : 
Provided,  That  no  certificate  of  loan  convertible  into 
stock,  or  creating  any  lien  or  mortgage  on  the  property 
of  the  company  shall  be  issued  by  the  President  and 
Directors,  unless  the  expediency  of  making  a  loan  on  such 
erms,  and  of  issuing  such  certificates,  shall  have  first 
been  determined  on  at  a  general  meeting  of  stockholders, 
by  two-thirds  of  the  votes  which  could  legally  be  given  in 
favor  of  the  same. 

Sec.  12.  Be  it  further  enacted,  That   the   said  President  Power  to  Con- 
and  Directors,  their  officers,  agents   and   servants,  shall    emLllg    °  way 
have  full  power  and  authority   to   enter  upon  all  lands 
and  tenements  through  which  they  may   desire  to  con- 
duct their  railroad,  and  to  lay  out  the  same  according  to 
their  pleasure,  so  that  the  dwelling-house,   kitchen,  yard 
or  garden  of  no  person  be  invaded    without   his  consent, 
and  they  shall  have  power  to  enter   in  and    lay  out  such 
contiguous  land  as  they  may  desire  to  occupy  as  sites  for 
depots,  toll-houses,  warehouses,  engine  sheds,  work  shops 
water  stations  and  other  buildings   for   the  necessary  ac 
commodation  of  their  officers,  agents  and    servants,  their 
horses,  mules  and  other  cattle,  and  for   the   protection  of 
the  property   entrusted    to  their   care :     Provided,   That 
the  land  so  laid  out  on  the  line  of  the  railroad  shall  not 
exceed  (except  at  deep   cuts   and  fillings)   eighty  feet  in 
width  ;  and  that  the  adjoining  land  for  the  sites  of  build- 
ings (unless  the  President  and  Directors   can   agree  with 
the  owner  or  owners  for  the  purchase  of  the   same)  shall 
not  exceed  one  and  a  half  acre  in  any  one  parceL    If  the 
President  and  Directors  cannot  agree  with   the  owner  or 
owners  of  the  lands  so  entered  on  and    laid  out  by  them, 
as  to  the  terms  of  purchase,  it  shall  be  lawful  for  them  to 


(8) 

apply  to  the  Court  of  Pleas  and  Quarter  Sessions  of  the 
county  in  which  such  land  or  the  greater  part  thereof 
may  lie ;  and  upon  such  application  the  court  shall  ap- 
Sasse8sdamdaJ«>a  P°int  five  disinterested  and  impartial  freeholders  to  assess 
the  damages  to  the  owner  from  the  condemnation  of  the 
land,  for  the  purpose  aforesaid.  No  such  appointment, 
however,  shall  be  made  unless  ten  days  previous  notice 
of  the  application  shall  have  been  given  to  the  owner  of 
the  land,  or  to  the  guardian,  if  the  owner  be  an  infant, 
or  to  the  committee,  the  owner  being  non  compos  mentis. 
if  such  owner,  guardian  or  committee  can  be  found  with- 
in this  country  ;  or  if  he  cannot  be  so  found,  then  such 
appointment  shall  not  be  made,  unless  notice  of  the  ap- 
plication shall  have  been  published  at  least  one  month 
next  preceding  in  some  newspaper  printed  as  convenient 
as  may  be  to  the  court  house  of  the  county,  and  shall 
have  been  posted  at  the  door  ot  the  court  house  on  the 
first  day  at  least  of  the  next  preceding  term  of  the  said 
court.  A  day  for  the  meeting  of  said  freeholders  to  per- 
forin the  duty  assigned  them  shall  be  designated  in  the 
ordei  appointing  them  ;  and  any  one  or  more  of  them  at- 
tending on  the  day  may  adjourn  from  time  to  timeuntil 
their  business  shall  be  finished.  Of  the  five  freeholders 
so  appointed,  any  three  or  more  of  them  may  act,  after 
having  been  duly  sworn  orsolemnl}'  affirmed  before  some 
Justice  of  the  Peace  that  they  will  impartially  and  justly, 
to  the  best  of  their  ability,  ascertain  the  damages  which 
will  be  sustained  by  the  proprietor  of  the  land,  from  the 
consideration  thereof,  for  the  use  of  the  company,  and 
that  they  will  trully  certify  their  proceedings  thereupon 
to  the  court  of  the  said  county. 

Assessment  of  Sec.  13.  It  shall  be  the  duty  of  the  said   freeholders,  in 

pursuance  of  the  order  appointing  them,  to  assemble  on 
the  land  proposed  to  be  condemned,  and  after  viewing  the 
same  and  hearing  such  proper  evidence  as  the  party  may 
offer,  they  shall  ascertian  according  to  their  best  judg- 
ment the  damages  which  the  proprietor  of  the  laud  will 


C9) 

sustain  by  the  condemnation  thereof  for  the  use  of  the 
company.  In  performing  this  duty  they  shall  consider 
the  proprietor  of  the  land  as  being  the  owner  of  the  whole 
fee  simple  interest  therein.  They  shall  take  into  consid- 
eration the  quality  and  quantity  of  the  land  to  be  con- 
demned, the  additional  fencing  that  will  be  required 
thereby,  and  all  other  inconveniences  which  will  result  to 
the  proprietor  from  the  condemnation  thereof. 

Sec.  14.  When  the  said  freeholders  shall  have  agreed  Report  of  asses- 
upon  the  amount  of  damages,  they  shall  forthwith  make  a 
written  report  of  their  proceedings,  under  their  hands  and 
seals  in  substance  as  follows  :  "  We freeholders,  appoint- 
ed by  an  order  of  the  Court  of  Pleas  and  Quarter  Sessions, 
for  the  purpose  of  ascertaining  the  damages  that  will  be 
sustained  by — — the  proprietor  of  certain  lands  in  the  said 
county,  which  the  President  and  Directors  of  the  Raleigh 
and  Gaston  Railroad  Company  propose  to  condemn,  for 
their  use,  do  hereby  certify  that  we  met  together  on  the  land 
aforesaid  on  the day  of ,  the  day  appointed  there- 
for by  the  said  order,  (or  the  day  to  which  we  were  regu- 
larly adjourned  from  the  day  appointed  for  our  meeting  by 
the  said  order*,;  and  that  having  been  first  duly  sworn,  and 
having  visited  the  premises,  we  proceeded  'to  estimate  the 
quantity  and  quality  of  the  land  aforesaid,  the  quantity  of 
additional  fencing  which  would  probably  be  occasioned  by 
its  condemnation,  and  all  other  inconveniences  which 
seemed  to  us  likely  to  result  therefrom,  to  the  proprietor  . 
of  said  land.  That  under  the  influence  of  these  considera- 
tions, we  have  estimated  and  do  hereby  assess  the  damages 

aforesaid  at  the  sum  of  .     Given  under  our  hands 

and  seals,  this day  ot ."  At  the  foot  of  the  re- 
port so  made,  the  magistrate  before  whom  the  said  free- 
holders were  sworn,  shall  make  a  certificate  in  substance, 

as  follows  :     '• county.     I, ;  a  Justice  of  the 

Peace  of  said  county,  do  hereby  certify  that  the  above 
named  freeholders,  before  they  executed  their  duties  as 
above  certified,  were  solemnly  sworn  (or  affirmed)  before 
me,  that  they  would  impartially  and  justly,  to  the  best  of 
2 


(10) 


Keport  to 
turned. 


their  ability,  ascertain  the  damages  which  would  he  sus- 
tained by  the  above  named ,  by  the  condemna- 
tion of  the  above  mentioned  land,  for  the  use  of  the  Raleigh 
and  Gaston  Railroad  Company,  and  they  would  certify 
truly   their   proceedings  thereupon   to  the   court   of  said 

count}'.     Given  under  my  hand,  this day  of ." 

be  re-  Sec.  15.  The  report  of  the  freeholders  so  made,  together 
with  the  certificate  of  the  Justice  of  the  Peace,  as  afore- 
said, shall  be  forthwith  returned  by  the  said  freeholders  to 
the  court  of  the  county,  and  unless  good  cause  be  shown 
against  the  report,  it  shall  be  confirmed  by  the  court  and 
entered  on  record.  But  if  the  said  report  should  be  disaf- 
firmed, or  if  the  said  freeholders  being  unable  to  agree 
should  report  their  disagreement,  or  if  from  any  other  cause 
the}7-  should  fail  to  make  a  report  within  a  reasonable  time 
after  their  appointment,  the  court  may,  in  its  discretion,  as 
often  as  it  may  be  necessary,  supersede,  them  or  any  of  them, 
appoint  others  in  their  stead,  and  direct  another  view  and 
report  to  be  made  in  the  manner  above  prescribed. 


Condemned  land 
held  as  if  con- 
veyed. 


Sec.  10.  On  the  confirmation  of  any  such  report,,  and  on 
payment  or  tender  to  the  proprietor  of  the  land  of  the 
damages  so  assessed,  or  the  payment  of  said  damages  into 
Court,  when  for  good  cause  shown  the  Court  shall  so  have 
ordered  it,  the  land  reviewed  and  assessed  as  aforesaid 
shall  be  vested  in  the  Raleigh  and  Gaston  Railroad  Com- 
pany, and  they  shall  be  adjudged  to  hold  the  same  in  fee 
simple,  in  the  same  manner  as  if  the  proprietor  had  sold 
and  conveyed  it  to  them. 


Eight  to  enter  on 
land  before  con- 
demnation of 
same. 


Sec  17-  While  these  proceedings  are  depending  for  the 
purpose  of  ascertaining  the  damages  to  the  proprietor  for 
the  condemnation  of  his  land,  and  even  before  they  shall 
have  been  instituted,  the  President  and  Directors,  if  they 
think  that  the  interest  of  the  Company  requires  it,  may, 
by  themselves,  their  officers,  agents  and  servants,  enter 
upon  the  lands  laid  out  by  them  as  aforesaid,  and  which 
they  desire  to  condemn  and  apply  the  same  to  the  use  of 


(11) 

the  Company.  If  when  they  so  take  possession,  proceed- 
ings to  ascertain  the  damages  as  aforesaid  be  pending,  it 
shall  be  their  duty  diligently  to  prosecute  them  to  a  con- 
clusion. And  when  the  report  of  the  freeholders  ascer- 
taining the  damages  shall  be  returned  and  confirmed,  the 
Court  shall  render  judgment  in  favor  of  the  proprietor  of 
the  land  for  the  amount  thereof,  and  either  compel  its 
payment  into  Court,  or  award  a  process  of  execution 
therefor  as  to  them  shall  seem  right. 

Sec.  18.  In  the  meantime,  no  order  shall  be  made,  and  No  injunction  to 

lie  except,  &c. 

no  injunction  shall  be  awarded  by  any  Court  or  Judge,  to 
stay  the  proceedings  of  the  Company  in  the  prosecution 
of  their  work  unless  it  be  manifest  that  their  officers, 
agents  and  servants  are  transcending  the  authority  given 
them  by  this  act ;  and  that  the  interposition  of  their  Court 
is  necessary  to  prevent  injury  that  cannot  be  adequately 
compensated  for  in  damages. 

Sec.  19.  If  the  President  and  Direct@rs  shall  take  pos-  When  owner  of 

r  land  can  apply  for 

session  of  any  land  before  the  same  shall  have  been  pur-  ^spSOrstmetJtofas" 
chased  by  them,  or  condemned  and  paid  for  according  to 
the  provisions  of  this  act,  and  shall  fail  for  forty  days  to 
institute  proceedings  for  its  condemnation  as  aforesaid,  or 
shall  not  prosecute  with  due  diligence  the  proceedings 
commenced  for  that  purpose,  it  shall  be  lawful  for  the  pro- 
prietor of  the  land,  upon  giving  to  the  said  President  and 
Directors,  or  any  one  of  them,  ten  days  previous  notice, 
to  apply  to  the  Court  of  the  county  in  which  the  land  or 
the  greater  part  thereof  shall  lie,  and  upon  such  applica- 
tion, the  Court  shall  appoint  five  disinterested  and  impar- 
tial freeholders  to  assess  the  damages  to  the  owner  from 
the  condemnation  of  his  land  for  the  use  of  the  Company, 
shall  appoint  a  day  for  their  meeting  to  report  the  duties 
assigned  them ;  and  shall  dismiss,  at  the  cost  of  the  Com- 
pany, any  proceeding  then  depending  on  their  behalf  for 
the  condemnation  of  said  land.  The  freeholders  so  ap- 
pointed, any  three  or  more  of  whom  may  act,  shall  pro- 


Double  costs. 


(12) 

ceed  in  the  performance  of  their  duties,  in  all  respects  in 
the  same  manner  as  if  they  had  been  appointed  on  the  ap- 
plication of  the  President  and  Directors  of  the  Company. 
And  the  Court  shall,  in  like  manner,  confirm  or  disaffirm 
their  report ;  supersede  them,  or  any  of  them,  and  appoint 
others  in  their  stead  ;  or  direct  another  view  and  report 
to  be  made  as  often  as  may  be  necessary.  And  when  any 
such  report,  ascertaining  the  damages,  shall  be  confirmed, 
the  Court  shall  render  judgment  in  favor  of  the  proprietor 
for  the  damages  so  assessed,  and  double  costs,  and  shall 
thereupon  either  compel  the  Company  to  pay  into  Court 
the  damages  and  costs  so  adjudged,  or  award  a  process  of 
execution  therefor,  as  to  them  shall  seem  right. 

When  judgement      ®ec.  ^0.  When  the  judgment  rendered  for  the  damages 

tftieto^amitovest  assessed  and  costs  shall  be  satified  by  the  payment  of  the 

in  company.  money  into  Court,  or  otherwise,  the  title  of  the  land  for 

which  such  damages  are  assessed,  shall  be  vested  in  the 

Company  in  the  same  manner  as  if  the  proprietor  had  sold 

and  conveyed  it  to  them. 

Hi  ht  of  company  ^EC-  ^1-  The  said  President  and  Directors,  for  the  pur- 
lands^djo^ng  Pose  °f  constructing  their  railroad  aforesaid,  and  the  works 
right  of  way.  necessarily  connected  therewith  ;  or  of  repairing  the  same 
after  they  shall  have  been  made  ;  or  of  enlarging  or  other- 
wise altering  the  same,  shall  be  at  liberty,  by  themselves, 
their  officers,  agents  or  servants,  at  any  time  to  enter  upon 
any  adjacent  lands,  and  to  cut,  quarry,  dig,  take,  and 
carry  away  therefrom,  any  wood,  stone,  gravel  or  earth, 
which  they  may  deem  necessary  :  Provided,  however,  That 
they  shall  not,  without  the  consent  of  the  owner,  cut  down 
any  fruit  tree,  or  any  tree  preserved  in  any  lot  or  field  for 
shade  or  for  ornament ;  nor  take  any  timber,  gravel,  stone 
or  earth,  constituting  any  part  of  any  fence  or  building. 
For  all  wood,  stone,  gravel  or  earth  taken  under  authority 
of  this  act,  and  for  all  incidental  injuries  done  to  the  in- 
closures,  crops,  woods  or  grounds,  in  taking  ©r  car- 
rying the  eame  away,  the  said  President  and  Directors 


Proviso. 


(IB) 

shall  make  to  the  owner  a  fair  and  reasonable  compensa- 
tion, to  be  ascertained,  if  the  parties  cannot  agree,  by  any 
three  impartial  and  disinterested  freeholders,  who,  being 
appointed  for  that  purpose  by  any  Justice  of  the  Peace 
thereto  required  by  the  owner,  shall  be  sworn  by  him, 
and  shall  then  ascertain  the  compensation  upon  their  own 
view,  of  the  wood,  stone,  gravel  or  earth  taken,  and  of  the 
injury  done  as  aforesaid  in  taking  them  :  Provided,  how-  Proviso. 
ever,  That  it  shall  be  the  duty  of  the  owner  or  owners,  to 
show  to  the  Justices  of  the  Peace  to  whom  the  application 
is  made,  that  ten  days'  previous  notice  of  the  time  of 
making  the  same  has  been  given  to  the  President  or  one 
of  the  principal  agents  of  the  Railroad  Company  ;  and  no 
award,  which  may  be  given  under  any  appointment  with- 
out such  notice,  shall  be  obligatory  or  binding  on  said 
Company :  Provided,  however,  That  either  party,  not  satis-  Right  to  appeal, 
tied  with  the  award  which  may  be  given  as  above,  may 
appeal  to  the  Court  of  Pleas  and  Quarter  Sessions  of  the 
county  in  which  the  land  may  be  situated,  who  may,  as 
in  the  case  of  assessment  of  land,  confirm  or  disaffirm  the 
report  of  the  freeholders,  supersede  them,  or  any  of 
them,  and  appoint  others  in  their  stead,  or  direct  another 
view  and  report  to  be  made  as  often  as  may  be  necessary. 

Sec.  22.  If  the  said  President  and  Directors,  in  entering  Double  damages 
upon  the  land  of  any  person  under  the  authority  of  this  bycTmpany.]mies 
act  for  the  purpose  of  laying  out  or  constructing,  enlarg- 
ing, altering  or  repairing  any  of  their  said  works,  shall  by 
themselves  or  their  officers  do  any  wanton  or  wilful  in- 
jury to  such  land  or  its  appurtenances  ;  or  to  the  crops 
growing  or  gathered,  or  to  any  other  property  thereon, 
the  Raleigh  and  Gaston  Railroad  Company  shall  pay  to 
the  person  so  injured  double  the  amount  of  the  damages, 
which  shall  be  assessed  by  a  jury  in  any  proper  action 
therefor ;  or  if  said  injury  be  done  by  any  person  or  per- 
sons, who  may  have  contracted  with  the  Company  for  the 
construction  of  any  portion  of  their  railroad  or  any  of  the 


(14) 


works  connected  therewith,  he  or  they  shall  be  responsi- 
ble to  the  party  injured  in  the  like  amount. 


Mav  change  inter 
secting  road. 


imty  to  construct      Sec.  23.  Whenever,  in  the  construction  of  said  railroad 

roads  and  bridges 

across  established  it  shall  become  necessary  to  cross  or  intersect  any  estab- 

roads.  J  _ J 

lished  road  or  way,  it  shall  be  the  duty  of  the  said  Presi- 
dent and  Directors  so  to  construct  the  said  railroad  across 
such  established  roads  or  ways,  as  not  to  impede  the  pas- 
sage or  transportation  of  persons  or  property  along  the 
same  ;  or  when  it  shall  be  necessary  to  pass  through  the 
land  of  any  individual,  it  shall  also  be  their  duty  to  pro- 
vide for  such  individual  a  proper  wagon  way  across  said 
railroad  from  one  part  of  his  land  to  the  other :  Provided, 
however,  That  in  order  to  prevent  the  frequent  crossing  of 
established  roads  or  ways,  or  in  cases  in  which  it  may  be 
necessary  to  occupy  the  same,  it  may  be  lawful  for  the 
said  President  aud  Directors  to  change  the  said  roads  to 
points  where  they  may  deem  it  expedient  to  do  so.  And 
that  for  entering  upon  or  taking  any  land  which  may  be 
necessary  therefor,  they  shall  be  and  are  hereby  author- 
ized to  proceed  under  the  provisions  of  this  act  as  in  the 
case  of  land  necessary  for  their  railroad:  Provided,  further, 
that  previous  to  the  making  of  any  such  change  the  said 
company  shall  make  and  prepare  a  road  equally  good  with 
the  portion  of  the  road  proposed  to  be  substituted  ;  but 
nothing  herein  contained  shall  be  so  construed  as  to  make 
it  incumbent  on  the  company  to  keep  in  repair  the  portion 
of  any  road  which  they  may  have  changed  as  aforesaid. 


Proviso. 


Power  to  buy  roi-      Sec.  24.  The  said  President  and  Directors,  or  a  major- 
ing stock  or  con-   .„,,.,  .  , 

tract  for  transpor-  ity  of  them  shall  have  power  to  purchase,  with  the  funds 

tation.  J  115 

of  the  company,  and  place  on  the  railroad  constructed 
under  this  act,  all  machines,  wagons,  vehicles,  carriages 
and  teams  of  any  description  whatever,  which  they  deem 
necessary  or  proper  for  the  purpose  of  transportation.  Or 
if  they  should  deem  it  most  expedient  to  do  so  they  may 
contract  with  any  other  railroad  company  or  companies, 


(15) 

or  with  any  individual  or  individuals  for  effecting  the 
transportation  of  the  same. 

Sec.  25.  All  machines,  wagons,  vehicles  and  carriages  Exemption  from 

.       °  taxation. 

purchased  as  aforesaid,  with  the  funds  of  the  Company, 
or  engaged  in  the  business  of  transportation  on  said  rail- 
road, and  all  the  works  of  the  said  Company  constructed, 
or  property  acquired  under  the  authority  of  this  act ;  and 
all  profits  which  shall  accrue  from  the  same,  shall  be  vested 
in  the  respective  stockholders  of  the  Company  forever,  in 
proportion  to  their  respective  shares,  and  the  same  shall 
be  deemed  personal  estate,  and  shall  be  exempt  from  any 
public  charge  or  tax  whatsoever  for  the  term  of  fifteen 
years ;  and  thereafter  the  Legislature  may  impose  a  tax 
not  exceeding  twenty-five  cents  per  annum  per  share  on 
each  share  of  the  capital  stock,  whenever  the  annual 
profits  thereof  shall  exceed  six  per  cent. 

Sec.  26.  Upon  the  railroad  hereby  authorized,  the  Com-  Exclusive  riiht  of 

.  '-ip  •  transportation. 

pany  shall  have  the  exclusive  right  of  transportation.  . 
When  it  is  completed,  they  shall  at  all  times  furnish  and 
keep  in  good  repair,  the  necessary  carriages  and  other 
requisites  for  the  safe  and  convenient  transportation  of 
persons  and  property ;  and  it  shall  be  their  duty  at  all 
times,  upon  the  payment  or  tender  of  the  tolls  hereby 
allowed  to  transport  to  any  depot  on  the  road,  which  the 
owner  of  the  goods  may  indicate,  and  there  to  deliver  all 
articles  which  shall  be  delivered  to  them  for  transporta- 
tion, or  offered  to  them  in  proper  condition  to  be  trans- 
ported at  some  depot  on  the  road  most  convenient  for  the 
reception  thereof. 

Sec  27.  They  shall  give  no  undue  preference  in  trans-  no  undue.prefd- 

,,.,,,  i.         j?  j-i     i.       j?  ence  in  carrying 

portation  to   the  property  ot   one    person    over   that   ot  freight  to  be 

given. 

another,  but  as  far  as  practicable  shall  carry  each  in  the 
order  of  time  in  which  it  shall  be  delivered  or  offered  for 
transportation  with  the  tolls  paid  or  tendered.  If  the 
Company  or  any  of  its  officers  or  agents  shall  fail  to  re- 


(16) 

ceive,  transport  or  deliver  in  due  time  any  property  so 
offered  or  delivered  to  them  for  transportation,  or  shall 
fail  to  take  up  or  set  down  any  passenger  or  passengeis  at 
such  convenient  point  as  he  or  they  may  desire,  upon  the 
payment  or  tender  of  the  passage  money  hereby  allowed, 
they  shall  forfeit  and  pay  to  the  party  so  injured  double 
the  amount  of  the  lawful  toll  paid  or  tendered,  and  shall, 
moreover,  be  liable  to  an  action  on  the  case,  in  which  full 
damages  and  double  costs  shall  be  recovered. 

Bates  for  passen-  Sec.  28.  So  soon  as  any  portion  of  railroad  hereby  au- 
nottobe  exceeded  thorized  may  be  in  readiness  for  transportation,  it  shall  be 
1Same.specifled  for  lawful  for  the  said  President  and  .Directors  to  transport 
by  their  officers  or  agents,  or  by  contractors  under  them, 
persons  and  property  on  the  same.  And  they  shall  have 
power  to  charge  for  the  transportation  of  persons,  goods, 
produce,  merchandise  and  other  articles,  and  for  the  trans- 
portion  of  the  mail,  any  sum  not  exceeding  the  following 
rates,  viz :  On  persons,  not  exceeding  six  cents  per  mile 
for  each  person,  unless  the  distance  which  any  person  be 
transported  be  less  than  ten  miles,  in  which  case  the 
President  and  Directors  may  be  entitled  to  make  anextia 
charge  of  fifty  cents  for  taking  up  and  putting  down  each 
person  so  transported ;  for  the  transportation  of  goods, 
produce,  merchandise  and  other  articles,  not  exceeding  an 
average  of  ten  cents  per  ton  per  mile,  and  for  transporta- 
tion of  the  mail  such  sums  as  they  may  agree  for;  and 
the  said  President  and  Directors  shall  be  furthermore  en- 
titled to  demand  and  receive  for  the  weighing,  storage 
and  delivering  of  produce  and  other  commodities  at  their 
depots  and  warehouses,  rates  not  exceeding  the  ordinary 
warehouse  rates  charged  for  such  services. 


Power  to  exact 
tolls  over  their 
bridges. 


Sec.  29.  Be  it /wither  enacted,  That  if  the  said  President 
and  Directors  shall  deem  it  advisable  to  construct  the 
bridges  which  may  be  necessary  on  the  line  of  their  rail- 
road, of  sufficient  width  to  admit  of  the  passage  of  com- 
mon roads  as  well  as  their  railroads  over  the  same,  they 


(17) 

may  be  entitled  to  demand  and  receive  from  all  persons 
and  wagons,  carriages,  and  all  four  and  two  wheeled 
vehicles,  and  for  all  beasts  of  burden,  sheep  and  hogs 
passing  the  same,  the  tolls  which  ma}7  be  allowed  by  the 
Court  of  Pleas  and  Quarter  Sessions  of  the  county  in 
which  said  bridge  may  be. 

Sec.  30.  As  soon  as  ten  miles  of  the  railroad  hereby  Power  to  declare 

i'-iitii  iiT^-i  1TN-  dividends. 

authorized  shall  be  completed,  the  President  and  Direc- 
tors shall  annually  or  semi-annu illy  declare  and  make 
such  dividend  as  they  may  deem  proper,  of  the  net  profits 
arising  from  the  resources  of  the  said  Company,  after  de- 
ducting the  necessary  current  and  probable  contingent 
expenses  of  the  said  Company,  and  shall  divide  the  same 
among  the  proprietors  of  the  stock  of  the  said  Company 
in  proportion  to  their  respective  shares. 

Sec.  31.  An  annual  meeting  of  the  subscribers  to  the  Annual  meeting, 
stock  of  the  said  Company  shall  be  held  at  such  time  and 
place  in  each  year  as  the  stockholders,  at  their  first  gen- 
eral or  at  any  subsequent  meeting,  may  appoint;  to  con- 
stitute which,  or  any  general  meeting  called  by  the 
President  and  Directors,  according  to  the  provisions  of 
this  act,  the  presence  of  proprietors  entitled  to  a  majority  Quorum, 
of  all  the  vote?,  which  could  be  given  by  all  the  stock- 
holders, shall  be  necessary,  either  in  person  or  by  proxy 
properly  authorized.  And  if  a  sufficient  number  do  not 
attend  on  that  day,  or  any  day  appointed  for  a  general 
meeting,  called  by  the  Directors  as  aforesaid,  the  proprie- 
tors who  do  attend  may  adjourn  from  time  to  time  until 
a  general  meeting  shall  be  had. 

Sec.  32.  In  counting  all  votes  of  the  said  Company  scae  for  voting, 
each  member  shall  be  allowed  one  vote  for  each  share  not 
exceeding  two  shares,  one  vote  for  every  two  shares  above 
two  and  not  exceeding  ten  shares,  and  one  vote  for  every  five 
shares,  above  ten  held  by  him  at  the  time,  in  the  stock 
of  the  Companv  :  Provided  hovisvsr,  that  no  stockholder,  Proviso. 
3 


(18) 


whether  an  individual,  body  politic  or  corporate,  shall  be 
entitled  to  more  than  sixty  votes  on  any  amount  of  the 
capital  stock  of  said  Company  held  by  him  or  them. 


Amounts  to  be 
rendered  to  an- 
nual meetings. 


Sec.  33.  The  President  and  Directors  shall  render  dis- 
tinct accounts  of  their  proceedings  and  disbursements  of 
money  to  the  annual  meeting  of  the  stockholders. 


work  to  be  com-        Sec.  34.    The  works  hereby  required  of  the  Raleigh 

menced  in  two  "  1  ° 

?ntenanearnsIllshed  anc^  ^aston  Railroad  Company,  shall  be  executed  with 
diligence,  and  if  they  be  not  commenced  within  two  years 
after  the  passage  of  this  act,  and  finished  within  ten  years 
after  the  first  general  meeting  of  the  stockholders,  then 
this  charter  shall  be  forfeited. 


Certificates  of 
stock. 


Proviso. 


Punishment  for 
wilful  injury  to 
road  or  rolling 
stock. 


Sec.  35.  The  President  and  Directors  shall  cause  to  be 
written  or  printed  certificates  for  the  shares  of  the  stock 
in  said  Company,  and  shall  deliver  one  such  certificate, 
signed  by  the  President  and  countersigned  by  the  Treas- 
urer, to  each  person  for  the  number  of  shares  subscribed 
by  him,  which  certificate  shall  be  transferable  by  him — 
subject,  however,  to  all  payments  due  or  to  become  due 
thereon;  and  such  assignee  having  first  caused  the  trans- 
fer or  assignment,  to  be  entered  in  a  book  of  the  Com- 
pany, to  be  kept  for  the  purpose,  shall  thenceforth  be- 
come a  member  of  said  Company,  and  shall  be  liable  to 
pay  all  sums  due  or  which  shall  become  due  upon  the 
stock  assigned  to  him  :  Provided  however.  That  such  as- 
signment shall  in  no  wise  exempt  the  assignor  or  his 
representative  from  the  liability  1o  the  said  Company  for 
the  payment  of  all  such  sums,  if  the  assignee  or  his  rep- 
sentative  shall  be  unable  or  fail  to  pay  the  same. 

Sec.  36.  If  any  person  or  persons  shall  wilfully,  by  any 
means  whatever,  injure,  impair,  or  destroy  an}'  part  of 
the  railroad,  constructed  under  this  act,  or  any  of  the 
necessary  works,  machines,  wagons,  vehicles,  carriages, 
or  other  property  belonging  to  the  said  Company,  or 


(19) 

shall  place  any  obstruction  upon  said  road,  such  person 
or  persons  shall  be  deemed  guilty  of  a  misdemeanor,  and 
on  conviction  thereof  in  the  Court  of  Pleas  and  Quarter 
Sessions,  or  Superior  Court  of  Law,  of  the  county  where 
the  offence  may  be  commmitted,  shall  be  fined  and  im- 
prisoned at  the  discretion  of  the  Court. 

Sec.  37.  Be  it  further  enacted,  That  if  at  any  time  here-  Limit  of  dividends 

i  f  n  •  to  be  fifteen  per 

alter,  the  above  rates  for  toll  and  transportation  shall  cent, 
enable  the  said  President  and  Directors,  after  the  pay- 
ment of  all  necessary  expenses,  and  after  setting  apart 
a  fair  and  reasonable  sum  for  the  renewal  and  repairs  of 
the  said  road,  warehouses,  and  depots,  and  other  con- 
structions, and  of  the  machines  and  other  vehicles  for 
transportation,  to  divide  more  than  fifteen  per  cent,  on 
their  capital  stock  invested,  that  the  said  rates  of  toll  and 
transportation  shall  be  so  reduced  by  the  said  President 
and  Directors  as  to  enable  them  to  divide  fifteen  per  cent, 
and  no  more. 

Sec.  38.  Be  it  further  enacted,  That  no  person  shall  be  President  and 

, .    .  t^.t  -i-^.  p.-iz-t  Directors  to  be 

eligible  as  President  or  Director  of  said  Company  unless  citizens  of  North 

ii  -i  •   •  <*  Carolina. 

he  be  a  resident  citizen  of  this  State. 
Sec.  39.  Be  it  further  enacted,  That  it  shall  be  the  duty  President  to  send 

„.„.,  p.T/^i  n  i     •      report  annually  to 

of  the  President  ot  said  Company  on  the  first  week  m  General  Asssem- 
December,  in  each  and  every  year,  to  transmit  to  the 
General  Assembly  a  correct  statement  of  all  the  receipts 
and  expenditures  of  said  Company  during  the  year  pre- 
ceding. 

Sec.  40.  Be  it  further  enacted.  That  when  the  General  Procedure  to  en- 
Assembly  may  be  of  opinion  that  the  Charter  hereby  force  forfeIture 
granted  shall  have  been  violated,  it  may  be  lawful,  by 
joint  resolution  of  the  two  houses,  to  direct  the  Attorney 
General,  with  such  assistant  counsel  as  the  Governor  or 
Legislature  may  think  proper  to  engage,  to  issue  a  writ 
of  scire  facias,  returnable  before  the  Judges   of  the  Su- 


(20) 

preme  Court,  calling  upon  said  corporation  to  show 
cause  why  their  Charter  shall  not  be  forfeited,  subject  to 
to  the  same  proceedings  as  are  now  prescribed  by  law  in 
case  of  other  corporations. 

other ?!nroaedsf to      8ec-  41'  ^e  ^  fart^ier  enacted,  That  any  railroad  which 
cross  track.  may  iiereafter  be  constructed  by  the  State  or  by  any 

company  incorporated  by  the  Legislature,  shall  be  at 
liberty  to  cross  the  road  hereby  allowed  to  be  constructed, 
upon  a  level  or  otherwise,  as  may  be  most  advantageous  : 
Proviso.  Provided,  The  free  passage  of  said  Raleigh   and  Gaston 

Railroad  is  not  thereby  obstructed. 

company  can  Sec.  4'2.  Be  it  further  enacted,  That  whenever  the  said 

erect  depot  at  in-  ^ 

tersectionwith  road  shall  be  so  crossed  or  approached  by  any  other  rail- 
road, incorporated  by  this  State,  the  said  Raleigh  and 
Gaston  Railroad  Company  may  erect  a  depot,  at  or  near 
the  point  of  intersection  where  they  may  receive  and  de- 
liver passengers  and  freight,  and  take  therefor  the  same 
rates  of  compensation  and  be  subject  to  the  same  regula- 
tions as  at  other  depots ;  and  should  they  fail  or  refuse 
to  erect  such  depots,  the  State  or  company  owning  the 
intersecting  road  may  erect  one,  and  the  company  hereby 
incorporated  shall  receive  and  deliver  passengers  and 
freight  at  such  depots  under  the  same  regulations  as 
aforesaid,  unless  the  same  shall  be  rendered  impracticable 
by  the  situation  of  the  road  at  such  place. 

charter  for  90  Sec.  43.  Be  it  farther  enacted,  That  the  corporate  powers 

herein  granted  shall  be  and  enure  for  ninety  years,  and 
no  longer  unless  renewed  by  competent  authority. 

The  following  Act  was  ratified  7th  January,  1839 : 


years. 


(21) 


AN  ACT  FOR  THE   RELIEF  OF  THE    RALEIGH    AND  GASTON  RAIL- 
ROAD. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  Bonds  to  toe  exe- 

a  "*     '  cutecl  by  company 

State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  au-  to^heamount of 
thority  of  the  same,  That  at  any  time  after  the  passage 
of  this  act,  the  President  and  Directors  of  the  Raleigh 
and  Gaston  Railroad  Company  may  make  their  bonds 
payable  to  the  Public  Treasurer  of  the  State  of  North 
Carolina  for  the  sum  of  five  hundred  thousand  dollars 
and  no  more,  which  said  bonds  are  to  be  signed  by  the 
President  and  under  the  seal  of  the  corporation,  and 
made  for  any  sum  or  sums  not  under  one  thousand  dol- 
lars each,  and  to  carry  interest  at  the  rate  of  six  per  cent, 
per  annum,  which  interest  is  to  be  paid  semi-annually, 
to-wit :  On  the  first  Monday  in  July  and  on  the  first 
Monday  in  January  in  each  and  every  year  thereafter 
and  the  amount  of  said  bonds  to  be  made  payable  on  the 
first  of  January,  one  thousand  eight  hundred  and  sixty, 
at  such  place  as  the  President  and  Directors  of  said  Com- 
pany and  the  parties  may  agree  upon. 

Sec.  2.  Be  it  further  enacted,  That  upon  the  President 
making  the  bonds  as  aforesaid,  and  filing  the  same  with 
the  Public  Treasurer  of  the  State,  it  shall  be  his  duty, 
and  he  is  hereby  directed  to  endorse  on  the  said  bonds 

as  follows :    Pay    to ,  or    order,  and  this    en-  Endorsement. 

dorsement  pledges  the  State  of  North  Carolina  as  security 
for  the  payment  of  the  sum  in  the  bond,  according  to 
the  provisions  of  the  act  of  the  General  Assembly  of 
of  eighteen  hundred  and  thirty-eight  and  eighteen  hun- 
dred and  thirty -nine,  entitled  "An  Act  for  the  relief  of 
the  Raleigh  and  Gaston  Railroad  Company,"  which  en- 
dorsement is  to  be  signed  by  the  Public  Treasurer  in  his 
official  capacity  and  countersigned  by  the  Comptroller. 
The  Public  Treasurer,  after  endorsing  the  bonds  as  before 


(22) 

mentioned,  shall  duly  number  and  register  them  at  large 
in  a  book  prepared  and  kept  for  that  purpose. 

nveVeci^ocom6"         Sec-  3-  Be  u further  enacted,  That  it  shall  be  the  duty 
pany'  of  the  Public  Treasurer,  on  the  endorsement  being  made 

as  before  directed,  and  the  bonds  being  numbered  and 
registered,  and  the  mortgage,  as  hereinafter  directed,  be- 
ing made  and  delivered  to  the  Governor,  to  deliver  the 
same  to  the  President  and  Directors  of  said  Company, 
and  they  are  at  liberty  to  fill  up  the  blank  in  said  en- 
dorsement with  the  name  or  names  of  the  person  or  per- 
sons, or  company,  or  corporation,  to  whom  the  same  may 
be  sold  or  transferred,  and  when  so  filled  up,  shall  be  as 
binding  on  the  State  of  North  Carolina  as  if  the  same 
was  done  by  the  Public  Treasurer  at  the  time  of  making 
the  endorsement  as  aforesaid. 
Transfer  io  be  Sec.  4.  Be  it  further  enacted.    That  the  President  and 

registered.  ~  t  m 

Directors,  from  time  to  time,  as  they  shall  sell  or  trans- 
fer the  said  bonds  and  fill  up  the  blank,  with  the  name 
or  names  of  the  person,  company  or  corporation  to  whom 
they  are  sold  or  transferred,  shall  cause  a  statement  to  be 
filed  with  the  Public  Treasurer,  setting  forth  the  time  of 
the  transfer  or  sale,  the  person,  company  or  corporation 
to  whom  payable,  to  be  by  him  registered  in  the  book  to 
be  kept  for  the  registration  of  the  bonds  aforesaid. 
Faith  of tii estate  Sec.  5.  Be  it  further  enacted,  That  for  the  payment  of 
the  interest  semi-annualry,  at  the  rate  of  six  per  centum 
per  annum  on  the  principal  debt  due  on  the  bonds  here- 
by authorized  to  be  made,  the  credit  and  faith  of  the 
State  is  pledged  to  the  holders  of  said  bonds,  and  on 
failure  of  the  President  and  Directors  to  pay  the  princi- 
pal and  interest  as  it  accrues,  the  Public  Treasurer  is 
authorized  to  pay  the  same  out  of  any  money  in  the 
Treasury  at  the  time.  For  the  full  and  entire  payment 
and  redemption  of  said  principal,  the  General  Assembly 
do  hereby  guarantee  the  principal  due  on  the  bonds 
authorized  by  this  act  to  be  created. 


(23) 
Sec.  6.  Be  it  farther  enacted.  That  the  said  bonds  shall  Bonds,  now  tra- 

J  '  ,  ferred. 

be  transferable  by  the  holders  of  the  same  or  by  his,  her 
or  their  attorney,  in  a  book  to  be  kept  by  the  Public 
Treasurer  for  that  purpose,  and  in  every  such  transfer 
the  outstanding  bond  shall  be  surrendered  to  and  can- 
celled by  the  Public  Treasurer  and  a  new  bond  shall  be 
issued  for  the  same  amount  to  the  person  entitled  to  the 
same. 

Sec.  7.  Be  it    farther    enacted,   That  the    debt   hereby  pebt.whenre- 

J  1  J    deemable. 

created  shall  not  be  redeemable  until  after  the  first  day 
of  January  one  thousand  eight  hundred  and  sixty,  and 
after  that  day  the  same  shall  and  may  be  redeemed  at 
such  time  or  times  and  in  such  proportions  as  may  here- 
after be  declared  and  appointed  by  law. 

Sec.  8.  Be  it  farther  enacted,  That  whenever  the  Presi-  Mortgage, 
dent  and  Directors  of  the  Raleigh  and  Gaston  Railroad 
Company  shall  make,  execute  and  and  deliver  to  the 
Governor  of  this  State  for  and  in  behalf  of  the  State,  a 
deed  of  mortgage  under  the  seal  of  said  Company  where- 
in and  whereby  shall  be  conveyed  to  the  said  Governor 
and  his  successors  in  office,  for  the  use  and  benefit  of  the 
State,  all  the  estate,  real  and  personal,  belonging  to  the  said 
Raleigh  and  Gaston  Railroad  Company,  or  in  any  manner 
pertaining  to  the  same,  conditioned  for  indemnifying 
and  saving  harmless  the  State  of  North  Carolina  from 
the  payment  of  the  whole  or  any  part  of  the  bonds  hereby 
authorized  to  be  made  and  issued  by  the  President  and 
Directors  of  the  Raleigh  and  Gaston  Railroad  Company 
and  endorsed  by  the  Public  Treasurer,  also  make,  exe- 
cute and  deliver,  under  the  seal  of  said  Company,  to  the 
Governor,  for  the  use  and  benefit  of  the  State,  a  pledge  of 
so  much  of  the  profits  of  said  Company  as  shall  be  sufficient 
to  pay  semi-annually  the  interest  which  may  accrue  on 
said  bonds  until  the  final  payment  and  redemption  of  the 
principal  of  said  bonds  ;  which  said  deed  of  mortgage 
and  pledge  shall  be  approved  by  the  Attorney  General 


(24) 

of  the  State ;  then  it  shall  be  the  duty  of  the  Public 
Treasurer,  and  he  is  hereby  required  to  deliver  to  the 
President  and  Directors  of  the  Raleigh  and  Gaston  Rail- 
road Company,  the  whole  of  said  bonds,  which  by  this 
act  lie  is  authorized  and  required  to  endorse,  taking 
therefor  the  receipt  of  the  President  of  said  Raleigh  and 
Gaston  Railroad  Company. 


Duty  of  the  Gov- 
ernor if  t'ie  inter- 
est be  not  laid 
regularly. 


Sec.  9.  Be  it  further  enacted,  That  in  case  of  failure  by 
the  President  and  Drectors  of  the  said  Raleigh  and  Gas- 
ton Railroad  Compan}7,  to  pay  and  discharge  semi-annual- 
ly the  interest  which  may  accrue  on  the  bonds  hereby 
authorized  to  be  made  and  executed,  it  shall  be  lawful 
for  the  Governor  of  this  State  for  the  time  being  to  apply 
in  behalf  of  the  State  to  the  Superior  Court  of  Equity  for 
the  county  of  Wake  for  a  sequestration  of  the  receipts  for 
transportation  on  said  road,  and  for  the  appointment  of 
a  Receiver  or  Receivers  of  the  said  receipts  ;  which  Court, 
on  the  proof  of  the  failure  to  pay  such  interest  by  the 
President  and  Directors  of  said  Railroad  Company,  shall 
have  power  to  order  such  sequestration  and  appoint  a 
Receiver  or  Receivers  accordingly ;  and  in  case  of  such 
sequestration,  and  the  appointment  of  a  Receiver  or  Re- 
ceivers of  the  profits  for  transportation  on  said  road,  it 
shall  be  the  duty  of  such  Receiver  or  Receivers  to  apply 
so  much  thereof  as  shall  be  sufficient  to  pay  the  interest 
on  said  bonds  semi-annually,  and  to  pay  the  excess  to 
the  President  and  Directors  of  said  Raleigh  and  Gaston 
Railroad  Company. 


Bonds  payable 
after  1860  and  for 
failure  to  do  so, 
the  mortgage  to 
be  foreclosed. 


Sec.  10-  Be  it  further  enacted,  That  from  and  after  the 
commencement  of  the  year  one  thousand  eight  hundred 
j.nd  sixty,  it  shall  be  the  duty  of  the  President  and 
Directors  of  the  Raleigh  and  Gaston  Railroad  Compan}T, 
to  pay  and  redeem  the  principal  of  the  bonds  hereby 
authorized  to  be  issued  by  the  President  and  Directors  of 
said  Raleigh  and  Gaston  Railroad  Company,  and  en 
dorsed  by  the  Public  Treasurer,  and  delivered  by  him  to 


(25) 

the  said  Raleigh  and  Gaston  Railroad  Company,  at  such 
times  and  in  such  amounts,  annually,  as  may  be  pre- 
scribed and  directed  by  act  of  the  General  Assembly  of 
this  State,  and  in  case  of  failure  of  the  President  and  Di- 
rectors of  the  said  Raleigh  and  Gaston  Railroad  Com- 
pany, to  pay  off  and  redeem  the  principal  of  the  said 
bonds,  at  such  times  and  in  such  amounts  as  may  be 
prescribed  and  directed  by  act  of  the  General  Assembly, 
then  it  shall  be  the  dut}'  of  the  Governor  of  this  State, 
for  the  time  being,  to  cause  the  mortgage  made  and 
executed  b}'  the  President  and  Directors  of  the  said 
Raleigh  and  Gaston  Railroad  Company  to  be  foreclosed 
in  the  Superior  Court  of  Equity  for  Wake  county,  which 
Court  is  hereby  authorized  and  empowered  to  take 
jurisdiction  of  the  same,  and  on  the  decree  of  foreclosure 
being  made  by  said  Court,  it  shall  be  the  further  duty  of 
the  Governor  of  the  State,  to  cause  the  whole  estate,  real 
and  personal,  so  conveyed  by  mortgage,  to  be  sold  at 
such  time  and  in  such  ways  as  shall  most  effectually  pro- 
tect and  save  harmless  the  State  against  any  loss  or  dam- 
age, by  reason  of  its  liability  for  the  payment  of  said 
bonds,  or  any  part  thereof,  and  out  of  the  proceeds  of  such 
sale  or  sales  to  pay  off  and  redeem  the  whole  amount  of 
principal  of  said  bonds  and  to  pay  the  excess  to  the  Presi- 
dent and  Directors  of  said  Company. 

Sec.  11.  Be  it  further  enacted,  That  the  State  may  at  any  JtockS«itsii0anake 
time  within  seven  years  after  the  completion  of  said  elect* 
Raleigh  and  Gaston  Railroad,  take  five  thousand  shares 
of  the  stock  of  said  road,  or  any  less  number  of  shares  of 
the  stock ;  and  if  the  State  shall  elect  to  take  five  thous- 
and shares  of  stock,  the  said  five  thousand  shares  shall  be 
a  full  equivalent  for  the  liability  of  the  State  for  the 
principal  of  said  bonds,  and  on  electing  to  take  the  said 
five  thousand  shares,  the  mortgage  of  the  real  and  per- 
sonal estate  of  the  said  Company  to  secure  the  payment 
of  the  principal  of  said  bonds  and  the  pledge  of  the  profits 
of  the  said  road,  for  securing  the  payment  of  interest  as 


(26) 

herein  provided  for,  shall  cease,  determine  and  become  of 
no  force  and  effect,  and  thereafter  the  State  shall  be  liable 
for  the  payment  of  the  principal  of  said  bonds,  and  the 
interest  accruing  thereon.  And  if  the  State  shall  elect 
to  take  any  number  of  shares  less  than  five  thousand, 
such  number  of  shares  shall  be  an  equivalent  for  the  lia- 
bility of  the  State  for  the  principal  of  so  much  of  the 
money  due  on  said  bonds  as  is  equal  in  value  to  the  shares 
taken  by  the  State,  estimating  each  share  at  one  hundred 
dollars:  Provided,  That  on  electing  to  take  such  number 
of  shares,  the  State  shall  refund  to  the  President  and 
Directors  of  said  Company,  the  full  amount  of  interest 
which  they  may  have  paid  on  said  shares  so  taken  by  the 
State ;  and  the  mortgage  of  the  real  and  personal  estate 
of  said  Compaii}7,  to  secure  the  payment  of  the  principal 
of  said  bonds,  and  the  pledge  of  the  profits  of  the  said 
Railroad  for  securing  the  payment  of  interest  as  herein 
provided  for,  shalJ  stand  as  securities  to  the  State  for  the 
payment  of  the  principal  of  so  much  of  said  bonds  as 
shall  be  left,  after  deducting  the  number  of  shares  taken 
by  the  State,  each  share  being  estimated  at  one  hundred 
dollars,  and  for  the  payment  of  interest  accruing  on  said 
residue  of  the  principal. 

Power  to  increase      Sec.  12.  Beit  further  enacted,  That  the  stockholders  in 
capi  a  s  oc  .        ga.^  j^gjgh  an(j  Gaston  Railroad  Comjjany  shall  have 

power,  and  they  are  hereby  authorized  if  they  deem  it 
necessary,  to  increase  the  capital  stock  of  said  Company 
to  one  million  five  hundred  thousand  dollars,  hy  adding 
thereto  such  number  of  shares  as  shall  not  in  the  whole 
exceed  fifteen  thousand  shares,  which  additional  shares 
shall  be  taken  and  held  to  be  a  part  of  the  capital  stock 
of  the  said  Raleigh  and  Gaston  Railroad  Company,  as 
full}7  as  if  the  same  had  been  originally  subscribed  therein. 

Bonds  10  be  sur-      Sec.  13.  Be  it  further  enacted,  That  if  by  reason  of  any 

rendered  if  more  ,  ,.  i  ■    •        i  •       -m  it  ±i 

than  necessary  to  loans  of  money  obtained  in  Europe  or  elsewhere,  on  the 

complete  the  road.  ,..      „'    .  ,   .~  ,,  .      r  •■         -,,         , 

credit  of  said  Company,  the  amount  01  bonds  hereby  au- 


(27) 

thorized  to  be  issued,  shall  be  found  more  than  sufficient 
to  complete  the  said  Raleigh  and  Gaston  Railroad,  then 
and  in  that  case  it  shall  and  is  hereby  made  the  duty  of 
the  said  Company  to  surrender  and  deliver  up  to  the 
Public  Treasurer  such  amount  of  the  said  bonds  as  may 
be  found  to  be  unnecessary  as  aforesaid,  to  the  comple- 
tion of  the  said  road  and  that  all  monies  borrowed  by  the 
said  Company  shall  be  faithfully  applied  to  the  said  road, 
and  to  no  other  purpose  whatever. 

Sec.  14.  Be  it  further  enacted,  That  in  case  the  real  and  gjjg^gfg  gfo 
personal  estate  of  the  said  Raleigh  and  Gaston  Railroad  foi! "ife  deM hereby 
Company,  so  mortgaged  for  the  benefit  and  indemnity  of  cl'eatetL 
the  State  of  ISTorth  Carolina  and  to  be  sold  (if  necessary) 
as  by  this  act  directed,  should  prove  insufficient  to  pay 
off  and  satisfy  the  full  amount  of  the  bonds  aforesaid, 
including  the  principal  and  interest  thereon,  then  each 
and  every  stockholder  of  said  Raleigh  and  Gaston  Rail- 
road Company  shall  be  held  liable  to  pay  towards  making 
up  such  deficiency,  the  full  amount  of  the  shares  respect- 
ively held  and  owned  by  him  or  her  therein,  at  the  time 
when  said  deficiency  shall  be  ascertained,  or  such  ratable 
proportion  thereof  as  may  be  requisite  to  pay  such  stock- 
holder's deficiency,  and  no  more :  Pi  ovided,  That  the 
General  Assembly  may  at  any  time  appoint  a  committee 
to  examine  into  the  situation  of  the  said  Company,  and 
that  whenever  it  shall  appear  that  the  said  Company  are 
insolvent  and  unable  to  pay  the  amount  borrowed  under 
the  authority  of  this  act  the  General  Assembly  may 
direct  the  mortgage  to  be  foreclosed,  according  to  the 
provisions  heretofore  prescribed. 

Sec.  15.  And  be  it  further  enacted,  That  this  act  shall  be 
in  force  from  and  after  the  ratification  thereof. 
[Ratified  the  1th  day  of  January,  A.  D.  1839.] 

The  following  act  was  ratified  8th  January,  1839 : 


(28) 


AN   ACT    TO   INCORPORATE     THE    WELDON    RAILROAD   COMPANY. 

Books,  where  to      Section  1.  Be  it  enacted  by  the  General  Assembly  of  the 

ba  opened.  J  7      . 

State  of  North  Carolina,  and  it  is  hereby  enacted  by  authority 
of  the  same,  That  it  shall  be  lawful  to  open  books  in  the 
city  of  Raleigh,  under  the  direction  of  George  W.  Mor- 
decai,  William  Boylan,  Thomas  P.  Devereux,  Duncan 
Cameron,  William  H.  Haywood,  Jr.,  Charles  Manly,  R. 
Smith  and  Alfred  Jones,  or  any  three  of  them ;  at  War- 
renton,   under  the   direction   of   Weldon   N.   Edwards, 

cjmmissione  s,  Joseph  W.  Hawkins,  Thomas  White,  Geo.  D.  Baskerville, 
Peter  II.  Davis,  and  William  Plummer,  or  any  three  of 
them  ;  at  Weldon, under  the  direction  of  Andrew  Joyner, 
Thomas  S.  Wyatt,  Whitmel  IT.  Hardie,  James  Simmons 
and  William  II.  Day,  or  any  three  of  them ;  at  Halifax, 
under  the  direction  of  James  Halliday,  Jesse  IT.  Sim- 
mons, Michael  Ferrill,  A.  A.  Austin,  Redding  J.  Haw- 
kins, and  Joseph  L.  Simmons,  or  any  three  of  them ; 
and  at  such  other  places,  and  under  the  direction  of  such 

capital  sto3k.  other  persons  as  any  three  of  the  Commissioners  herein- 
before named  to  superintend  the  receiving  of  subscrip- 
tions shall  direct,  for  the  purpose  of  raising  subscriptions 
to  an  amount  not  exceeding  two  hundred  thousand  dol- 
lars, in  shares  of  one  hundred  dollars  each,  for  the  pur- 
pose of  effecting  a  communication  by  a  railroad  from  some 
point  on  the  Raleigh  and  Gaston  Railroad,  between  Lit- 
tleton and  the  Roanoke  River  and  the  termination  of  the 
Portsmouth  Railroad  at  Weldon,  and  for  providing 
everything  necessary  and  convenient  for  the  purpose  of 
transportation  on  the  same. 

scaling  of  sub-         Sec.  2.  The  times  and  places  for  receiving  subrscip- 

scriptionsif  neces-    ..  .     ...  .  -         ..       -  .  , 

sary-.  tions,  shall  be  advertised  m  one  or  more  newspapers  pub- 

lished in  the  city  of  Raleigh,  and  the  books  for  receiving 
the  same  shall  not  be  closed  in  less  than  ten  days ;  and  if 
it  shall  appear  that  more  than  two  thousand  shares 
of  the  capital  stock  aforesaid  shall  have  been  subscribed 


(29) 

for  within  the  said  ten  days,  it  shall  be  the  duty  of  the 
said  commissioners  at  Raleigh,  or  any  five  of  them,  to 
reduce  the  number  of  shares  subscribed  for  among  the 
subscribers,  in  fair  and  equal  proportions  to  the  amount 
of  stock  subscribed  for  respectively  by  each  until  the 
whole  amount  of  shares  shall  be  reduced  to  two  thousand, 
but  if  the  whole  amount  shall  not  be  subscribed  for  within 
ten  days  from  the  time  the  books  shall  be  opened  to  re- 
ceive subscriptions,  then  the  books  may  be  closed  or  con- 
tinued open,  or  closed  and  re-opened  without  further 
notice  as  a  majority  of  the  above  mentioned  commis- 
sioners may  judge  to  be  most  expedient  until  the  whole 
number  of  shares  shall  be  subscribed  for. 

Sec.  3.  When  one  thousand  shares  shall  be  subscribed  incorporation, 
for,  in  manner  aforesaid,  the  subscribers,  their  execu- 
tors, administrators  or  assigns,  shall  be  and  they  are 
hereby  declared  to  be  incorporated  into  a  company  by 
the  name  and  style  of  the  Weldon  Railroad  Company, 
and  by  that  name  shall  be  capable  in  law  of  purchasing, 
holding,  selling,  leasing  and  conveying  estates,  personal 
and  mixed,  so  far  as  shall  be  necessary  for  the  purposes 
hereinafter  mentioned,  and  no  further,  and  shall  have 
perpetual  succession,  and  by  said  corporate  name,  may 
sue  and  be  sued  and  may  have  and  use  a  common  seal 
which  they  shall  have  power  to  alter  or  renew  at  pleas- 
ure, and  shall  have  and  enjoy,  and  may  exercise  all  the 
powers,  rights  and  privileges  which  other  corporate  bodies 
may  lawfully  do  for  the  purposes  mentioned  in  this  act, 
and  may  make  all  such  by-laws,  rules  and  regulations,  not 
inconsistent  with  the  laws  of  this  State  or  the  United 
States,  as  shall  be  necessary  for  the  well  ordering  and  con- 
ducting the  affairs  of  the  Company.  Upon  any  subscrip- 
tion of  stocks  as  aforesaid,  there  shall  be  paid  at  the  time 
of  subscribing  to  the  said  commissioners  or  their  agents 
appointed  to  receive  such  subscriptions,  the  sum  of  two 
dollars  on  every  share  subscribed,  and  the  residue  thereof  instalments. 
shall  be  paid  in  such  instalments  and  at  such  times  as 


(30) 

may  be  required  by  the  President  and  Directors  of  said 
Company. 

Sonersf  Commis"  Sec.  4.  The  said  commissioners  or  their  agents  shall 
forthwith,  after  the  first  election  of  President  and  Direc- 
tors of  the  Company,  pay  over  to  the  said  President  and 
Directors  all  moneys  received  by  them,  and  on  failure 
thereof,  the  said  President  and  Directors  may  recover  the 
amount  due  from  them  or  from  any  one  of  them  by  mo- 
tion, on  ten  days  previous  notice  in  the  Court  of  Pleas 
and  Quarter  Sessions,  or  the  Superior  Court  of  law  in  any 
county  wherein  such  commissioner  or  commissioners, 
their  executors  or  administrators  may  reside  or  by  war- 
rant before  a  Justice  of  the  Peace  of  said  county. 

Meeting  of  stock-      Sec.  5.  When  one  hundred  thousand  dollars  or  more 

holders. 

of  the  stock  shall  have  been  subscribed,  public  notice  of 
that  event  shall  be  given  by  any  three  or  more  of  the 
said  commissioners,  who  shall  have  power  at  the  same 
time  to  call  a  general  meeting  of  the  subscribers,  at  such 
convenient  place  and  time  as  they  shall  name  in  said 
notice. 


Quorum, 


Sec.  6.  To  constitute  any  such  meeting,  a  number  of 
persons  entitled  to  a  majority  of  all  the  votes  which  could 
be  given  upon  all  the  shares  subscribed  shall  be  present 
either  in  person  or  by  proxy  ;  and  if  a  sufficient  number 
to  constitute  a  meeting  do  not  attend  on  that  day,  those 
who  attend  shall  have  power  to  adjourn  from  time  to 
time,  until  a  meeting  shall  be  formed. 

officers.  Sec.  7.  The  subscribers  at  their  general  meeting  before 

directed,  and  the  proprietors  of  stock  at  every  annual 
meeting  therereafter,  shall  elect  a  President  and  five 
Directors,  who  shall  continue  in  office,  unless  sooner  re- 
moved, until  the  next  annual  meeting  after  their  election, 
and  until  their  successors  shall  be  elected,  but  the  said 


(31) 

President  and  Directors,  or  any  of  them,  may  at  any  time 
be  removed  and  the  vacancy  thereby  occasioned  be  filled 
by  a  majority  of  the  votes  given  at  any  general  meeting. 
The  President,  with  any  two  or  more  of  the  Directors,  or 
in  the  event  of  the  sickness,  absence  or  disability  of  the 
President,  any  three  or  more  of  the  Directors  who  shall 
appoint  one  of  their  own  body  President  pro  tern,,  shall 
constitute  a  board  for  the  transaction  of  business;  in  case 
of  vacancy  in  the  office  of  President,  or  any  Director, 
happening  from  death,  resignation, removal  or  disability, 
such  vacancy  may  be  supplied  by  the  appointment  of  the 
board,  until  the  next  annual  meeting. 

Sec.  8.  The  President  and  Directors  of  said  Company  rowers', 
shall  be  and  they  are  hereby  invested  with  all  the  rights 
and  powers  necessary  for  the  construction,  repair  and 
maintaining  of  a  Railroad,  to  be  located  as  aforesaid,  with 
as  many  sets  of  tracks  as  they  or  a  majority  of  them  may 
deem  necessary,  and  may  cause  to  be  made,  and  also  to 
make  and  construct  all  works  whatsoever,  which  may  be 
necessary  and  expedient  in  order  to  the  proper  comple- 
tion of  the  said  railroad. 

Sec.  9.  The  President  and  Directors  shall  have  power  contracts, &c. 
to  make  contracts  with  any  person  or  persons  on  behalf 
of  the  Company,  for  making  the  said  railroad  and  per- 
forming all  other  works  respecting  the  same,  which  they 
shall  judge  necessary  and  proper,  and  to  require  from 
the  subscribers,  from  time  to  time,  such  advances  of 
money  on  their  re3pective  shares  as  the  wants  of  the 
Company  may  demand,  until  the  whole  of  their  subscrip- 
tions shall  be  advanced  ;  to  call,  on  any  emergency,  a 
general  meeting  of  the  subscribers,  giving  one  month's 
notice  thereof  in  one  of  the  newspapers  printed  in  the 
city  of  Raleigh,  to  appoint  a  treasurer,  clerk,  and  such 
other  officers  as  they  may  require,  and  to  transact  all  the 
business  of  the  Company  during  the  intervals  between 
the  general  meetings  of  the  stockholders. 


(32) 

Lai?urltonplysui)-  ^ec.  10-  If  any  stockholder  shall  fail  to  pay  the  sum 
ofti?estockhoidae"s  required  of  him  by  the  President  and  Directors,  or  by  a 
majority  of  them,  within  one  month  after  the  same  shall 
have  been  advertised  in  one  of  the  newspapers  published 
in  the  city  of  Raleigh,  it  shall  and  may  be  lawful  for  the 
President  and  Directors,  or  a  majority  of  them,  to  sell  at 
public  auction,  and  to  convey  to  the  purchasers  the  share 
or  shares  of  such  stockholder,  so  failing  or  refusing, 
giving  one  month's  previous  notice  of  the  time  and  place 
of  sale,  in  manner  aforesaid  and  after  retaining  the  sum 
due,  and  all  charges  of  the  sale,  out  of  the  proceeds  there- 
of, to  pay  the  surplus  over  to  the  former  owner  or  his 
legal  representative,  and  if  the  said  sale  shall  not  pro- 
duce the  sum  required  to  be  advanced,  with  the  inci- 
dental charges  attending  the  sale,  then  the  President  and 
Directors  may  recover  the  balance  of  the  original  pro- 
prietor or  his  assignee,  or  the  executor  or  administrator  of 
either  of  them,  by  suit  in  any  court  of  record  having 
jurisdiction  thereof,  or  by  warrant  before  a  Justice  of  the 
Peace  of  the  county  of  which  he  is  a  resident  ;  and  any 
purchaser  of  the  steck  of  the  Company  under  the  sale  by 
the  President  and  Directors,  shall  be  subject  to  the  same 
rules  and  regulations  as  the  original  proprietors. 

increase  of  capital  Sec.  11.  Be  it  further  enacted,  That  if  the  capital  stock 
of  the  Compan}'  hereby  incorporated,  shall  be  found  in- 
sufficient for  the  purpose  of  this  act ;  it  shall  and  may  be 
lawful  for  the  President  and  Directors  of  the  said  Com-' 
pan}'',  or  a  majority  of  them,  from  time  to  time,  to  in- 
crease the  said  capital  stock  to  an  amount  not  exceeding 
two  hundred  and  fifty  thousand  dollars,  by  the  addition 
of  as  many  shares  as  they  may  deem  necessary,  first  giv- 
ing the  individual  stockholders,  for  the  time  being  or 
their  legal  representatives,  the  option  of  taking  such  ad- 
ditional shares,  in  proportion  to  the  amount  of  stock 
respectively  held  by  them,  and  opening  books  in  the  city 
of  Raleigh,  and  such  other  places  as  the  President  and 
Directors  may  think  proper,  for  any  balance  of  the  capi- 


(33) 

tal  stock  created  which  may  not  be  taken  by  said  stock- 
holders for  the  time  being,  or  in  their  behalf;  and  the 
subscribers  for  such  additional  shares  of  the  capital  stock 
in  the  said  Company  are  hereby  declared  to  be  thence- 
forward incorporated  into  the  said  Company  with  all  the 
privileges  and  advantages  and  subject  to  all  the  liabilities 
of  the  original  stockholders. 

Sec.  12.  Beit  further  enacted,   That  the  President  and  Property  of  the 

y  '  i  ompany  pledged 

Directors,  or  a  majority  of  them,  shall  have  power  to  bor-  onnonies^onw- 
row  money  for  the  objects  of  this  act,  to  issue  certificates  ed- 
or  other  evidences  of  such  loans,  and  make  the  same  con- 
vertible into  the  stock  of  the  Company,  at  the  pleasure  of 
the  holder,  provided  that  the  capital  shall  not  thereby  be 
increased  to  an  amount  exceeding  two  hundred  and  fifty 
thousand  dollars,  and  to  pledge  the  property  of  the  Com- 
pany for  the  payment  of  the  same,  with  its  interest,  pro- 
vided that  no  certificate  of  loan  convertible  into  stock,  or 
creating  any  lien  or  mortgage  on  the  property  of  the 
Company,  shall  be  issued  by  the  President  and  Directors, 
unless  the  expediency  of  making  a  loan  on  such  terms 
and  of  issuing  such  certificates  shall  have  first  been  de- 
termined on  at  a  general  meeting  of  the  stockholders  by 
two-thirds  of  the  votes  which  could  legally  be  given  in 
favor  of  the  same. 

Sec.  13,  Be  it  further  enacted,  That  the  said  President  Authority  to  enter 
and  Directors,  their  officers,  agents  and  servants  shall 
have  full  power  and  authority  to  enter  upon  all  lands  and 
tenements  through  which  they  may  desire  to  conduct 
their  railroad,  and  to  lay  out  the  same  according  to  their 
pleasure  so  that  the  dwelling-house,  yard,  garden  or 
curtelage  of  no  person  be  invaded  without  his  consent ; 
and  that  they  shall  have  power  to  enter  on  and  lay  out 
such  contiguous  lands  as  they  may  desire  to  occupy  as 
sites  for  depots,  toll  houses,  warehouses,  engine  sheds, 
workshops,  water  stations,  and  other  buildings  for  the 
necessary   accommodation   of  their  officers,  agents  and 


(34) 


Appointment  of 
assessors. 


servants,  their  horses,  mules  and  other  cattle  for  the  pro- 
Proviso,  tection  of  property  entrusted  to  their  care  :  Provided,  That 
the  land  so  laid  out  on  the  line  of  the  railroad  shall  not 
exceed,  except  at  deep  cuts  and  fillings,  eighty  feet  in 
width,  and  that  the  adjoining  land  for  the  sites  of  build- 
ings, unless  the  President  and  Directors  can  agree  with 
the  owner  or  owners  for  the  purchase  of  the  same,  shall 
not  exceed  one  and  a  half  acres  in  any  one  parcel.  If 
the  President  and  Directors  cannot  agree  with  the  owner 
or  owners  of  the  land  so  entered  on  and  laid  out  by  them, 
as  to  the  terms  of  purchase,  it  shall  be  lawful  for  them  to 
apply  to  the  Court  of  Pleas  and  Quarter  Sessions  of  the 
county  in  which  said  land  or  the  greater  part  of  it  may 
lie,  and  upon  such  application,  the  Court  shall  appoint 
five  disinterested  and  impartial  freeholders  to  assess  the 
damages  to  the  owner  from  the  condemnation  of  the  land 
for  the  purposes  aforesaid.  No  appointment,  however, 
shall  be  made,  unless  ten  days  previous  notice  of  the  ap- 
plication shall  have  been  given  to  the  owner  of  the  land, 
or  the  guardian,  if  the  owner  be  an  infant  or  non-compos 
mentis,  if  such  owner  or  guardian  can  be  found  within 
the  county.  Or  if  he  cannot  be  so  found,  then  such  ap- 
pointment shall  not  be  made  unless  notice  of  the  appoint- 
ment shall  have  been  published  at  least  one  month  next 
preceding,  in  some  newspaper  printed  as  convenient  as 
may  be  to  the  Court-house  of  the  county,  and  shall  have 
been  posted  at  the  door  of  the  Court-house  on  the  first 
day,  at  least  of  the  next  preceding  term  of  said  Court.  A 
day  for  the  meeting  of  the  said  freeholders  to  perform  the 
duty  assigned  them,  shall  be  designated  in  the  order  ap- 
pointing them,  and  any  one  or  more  of  them  attending 
on  that  day,  may  adjourn  from  time  to  time  until  their 
business  shall  be  finished.  Of  the  five  freeholders  so  ap- 
Quormn.  pointed,  any  three  or  more  may  act,  after  having  been 
duly  sworn  or  solemnly  affirmed  before  some  Justice  of 
the  Peace,  that  they  will  impartially  and  justly,  to  the 
best  of  their  ability,  ascertain  the  damages  that  will  be 
sustained  by  the  proprietor  of  the  land  from  the  condem- 


f35) 

nation  thereof  for  the  use  of  the  Company,  and  that  they 
will  truly  certify  their  proceedings  thereupon  to  the  Court 
of  said  county. 

Sec.  14.  It  shall  be  the  duty  of  the  said  freeholders  in  Duty  of  assessors. 
pursuance  of  the  order  appointing  them,  to  assemble  on 
the  land  proposed  to  be  condemned,  and  after  viewing 
the  same,  and  hearing  such  proper  evidence  as  either 
party  may  offer,  they  shall  ascertain,  according  to  their 
best  judgment,  the  damages  which  the  proprietor  of  the 
land  will  sustain  by  the  condemnation  thereof  for  the. 
Company.  In  performing  this  duty,  they  shall  consider 
the  proprietor  of  the  lands  as  being  the  owner  of  the 
whole  fee  simple  interest  therein  ;  they  shall  take  into 
consideration  the  quality  and  the  quantity  of  the  land  to 
be  condemned,  the  additional  fencing  that  will  be  re- 
quired thereby,  and  all  the  inconvenience  that  will  result 
to  the  proprietor  from  the  condemnation  thereof,  and 
shall  combine  therewith  a  just  regard  for  the  advantages 
which  the  owner  of  the  land  will  derive  from  opening  the 
railroad  through  the  same. 

Sec.  15.  When  the  said  freeholders  shall  have  agreed  Form  of  report, 
upon  the  amount  of  damages  they  shall  forthwith  make  a 
written  report  of  their  proceedings  under  their  hands  and 
seals  as  follows  :  We. ,  freeholders  ap- 
pointed by  an  order  of  the  Court  of  Pleas  and  Quarter 
Sessions  for  the  purpose  of  ascertaining  the  damages  that 

will  be  sustained  by ,  proprietors  of  certain  lands  iu 

said  county,  which  the  President  and  Directors  of  the  Wel- 
don  Railroad  Company  propose  to  condemn  for  their  use, 
do  hereby  certify  that  we  met  together  on  the  land  afore- 
said, on  the day  of  ,  the  day  appointed  therefor 

-by  the  said  order,  (or  the  day  to  which  we  were  regularly 
adjourned  from  the  day  appointed  for  our  meeting  by 
said  order),  and  that  having  been  first  duly  sworn  (or 
affirmed  as  the  case  may  be)  and  having  visited  the 
premises,  we   proceeded  to    estimate  the  quantity   and 


Form  of  Justice's 
certificate. 


(36) 

quality  of  land  aforesaid,  the  quantity  of  additional  fenc- 
ing which  would  probably  be  occasioned  by  its  condem- 
nation, and  all  other  inconveniences  which  would  proba- 
bly result  therefrom  to  the  proprietor  of  said  land  and 
that  we  combined  with  these  considerations  as  far  as  we 
could,  a  just  regard  to  the  advantages  which  would  be 
derived  by  the  proprietor  of  the  said  land  from  the  open- 
ing of  the  aforesaid  railroad  through  the  same;  that 
under  the  influence  of  these  considerations  we  have  esti- 
mated and  do  hereby  assess  the  damages  aforesaid  at  the 

sum  of .     Given  under  our  hands  and  seals  this 

day  of .  At  the  foot  of  the  report  so  made  the  mag- 
istrate before  whom  the  said  freeholders  were  sworn  shall 

make  a  certificate  in  substance  as  follows  : county. 

Set.  I, ,  a  Justice  of  the  Peace  for  the  said  county, 

do  hereby  certify  that  the  above  named  freeholders, 
before  they  executed  their  duties  as  above  certified,  were 
solemnly  sworn  (or  affirmed)  before  me.  that  they  would 
impartially  and  justty  to  the  best  of  their  ability  ascer- 
tain the  damages  which  would  be  sustained  by  the  above 

named by  the  condemnation  of  the  aforementioned 

land  for  the  use  of  the  Weldon  Railroad  Company,  and 
that  they  would  certify  truly  their  proceedings  thereon 
to  the  court  of  said  county.  Given  under  my  hand,  this 
day  of . 


Provision  in  case 
of  failure  by  as- 
sessors to  report. 


Sec.  16.  The  report  of  the  freeholders  so  made',  to- 
gether with  the  certificate  of  the  Justice  of  the  Peace  as 
aforesaid  shall  be  forthwith  returned  by  the  said  free- 
holders to  the  court  of  the  county,  and  unless  good  cause 
can  be  shown  against  the  report,  it  shall  be  confirmed  by 
the  court  and  entered  upon  record  ;  but  if  the  said  report 
should  be  disaffirmed,  or  if  the  said  freeholders,  being 
unable  to  agree,  should  report  their  disagreement,  or  if 
from  any  other  cause  they  should  fail  to  make  a  report 
within  a  reasonable  time  after  their  appointment  the 
court  may,  in  its  discretion,  as  often  as  may  be  necessary, 
supersede  them  or  any  of  them,  appoint  others  in  their 


(37) 

stead,  and  direct  another  view  and  report  to  be  made  in 
the  manner  above  prescribed. 

Sec.  17.  On  the  confirmation  of  any  such  report,  and  ^companyon 
on  payment  or  tender  to  the  proprietor  of  the  land,  of  report?&c.°n of 
the  damage  so  assessed,  or  the  payment  of  said  damages 
into  Co/rt  when  for  good  cause  shown,  the  Court  shall 
have  so  ordered,  the  land  viewed  and  assessed  as  afore- 
said shall  be  vested  in  the  Weldon  Railroad  Company, 
and  they  shall  be  adjudged  to  hold  the  same  in  fee  simple 
in  the  same  manner  as  if  the  proprietor  had  sold  and 
conveyed  it  to  them. 

Sec.  18.  While  these  proceedings  are'  pending  for  the  company  author- 

.     .  ,        ,  ,  .  „       ized  to  enter  upon 

purpose  of  ascertaining  the  damages  to  the  proprietor  for  lands  before  the 

1       r  °  °  r      l  appointment  of 

the  condemnation  of  his  land,  and  even  before  they  shall  assessors. 
have  been  established,  the  President  and  Directors,  if 
they  think  that  the  interest  of  the  Company  require  it, 
may,  by  themselves,  their  officers,  agents  and  servants, 
enter  upon  the  lands  laid  out  by  them  as  aforesaid,  and 
which  they  desire  to  condemn  and  apply  to  the  use  of  the 
said  Company.  If,  when  they  so  take  possession,  pro- 
ceedings to  ascertain  the  damages  as  aforesaid  be  pend- 
ing, it  shall  be  their  duty  diligently  to  prosecute  them  to  .. 
conclusion,  and  when  the  report  of  the  freeholdeis  ascer- 
taining the  damages,  shall  be  returned  and  confirmed, 
the  Court  shall  render  judgment  in  favor  of  the  proprie- 
tors of  the  land  for  the  amount  thereof,  and  either  com- 
pel its  payment  into  Court,  or  award  process  of  execution 
for  the  recovery,  as  to  them  shall  seem  right. 

Sec.  19.  In  the  meantime  no  order  shall  be  made,  and 
no  injunction  shall  be  awarded  by  any  Court  or  Judge  to 
stay  the  proceedings  of  the  Company  in  the  prosecution 
of  their  work  unless  it  be  manifest  that  their  officers, 
agents  or  servants,  are  transcending  the  authority  given 
them  by  this  act,  and  that  the  interposition  of  the  Court 


(38) 

is  necessary  to  prevent  injury  that  cannot  be  adequately 
compensated  for  in  damages. 

court  authorized       Sec.  20.  If  the  President  and  Directors  sh..ll  take  pos- 

to  appoint  asses-  r 

sors  on  failure  of    session  of  any  land  before  the  same  shall  have  been  pur- 

the  Company  to  J  L 

doso-  chased  by  them,  or  condemned  or  paid  for  according  to 

the  provisions  of  this  act,  and  shall  fail  for  forty  days  to 
institute  proceedings  for  its  condemnation  as  aforesaid, 
or  shall  not  prosecute  with  due  diligence  the  proceedings 
commenced  for  that  purpose,  it  shall  be  lawful  for  the 
proprietor  of  the  land,  upon  giving  to  the  said  President 
and  Directors  or  any  of  them,  ten  days  previous  notice, 
to  apply  to  the  Court  of  the  county  in  which  the  land  or 
the  greater  part  thereof  shall  lie,  and  upon  such  applica- 
tion, the  Court  shall  appoint  five  disinterested  and  im- 
partial freeholders  to  assess  the  damages  to  the  owner 
from  the  condemnation  of  his  land  to  the  use  of  the  Com- 
pany, shall  appoint  a  day  for  their  meeting,  to  perform 
the  duties  assigned  them,  and  shall  dismiss  at  the  cost  of 
the  Company  any  proceedings  then  depending  in  their 
behalf  for  the  condemnation  of  the  said  land.  The  free- 
Duty  of  assessors   holders   so  appointed,  anv  three  or  more  of  whom  may 

when  appointed  n       .  ..   .        ,  ..,.. 

hy  the  court.  act,  shall  proceed  m  the  performance  of  their  duties  in 
all  respects  in  the  same  manner  as  if  they  had  been  ap- 
pointed by  the  President  and  Directors  of  the  Company, 
■  and  the  Court  shall  in  like  manner  confirm  or  disaffirm 
their  report,  supersede  them  or  any  of  them,  and  appoint 
others  in  their  stead,  or  direct  another  view  and  report 
to  be  made  as  often  as  may  be  necessary,  and  when  any 
such  report  ascertaining  the  damages  shall  be  confirmed 
the  Court  shall  render  judgment  in  favor  of  the  proprietor 
for  the  damages  so  assessed  and  double  costs,  and  shall 
thereupon  either  compel  the  Company  to  pay  into  Court 
the  damages  and  costs  so  adjudged,  or  award  process  of 
execution  therefor,  as  to  them  shall  seem  right. 

Vested  title.  Sec.  21.  When  the  judgment  rendered  for  the  dam- 

ages assessed  and  costs  shall  be  satisfied  by  the  payment 


(39) 

of  the  money  into  the  court,  or  otherwise,  the  title  of  the 
land  for  which  such  damages  are  assessed  shall  be  vested 
in  the  Company  in  the  same  manner  as  if  the  proprietor 
had  sold  and  conveyed  it  to  them. 

Sec.  22.  Be  it  further  enacted  That  the  written  consent  written  consent 

of  the  owner  valid 

of  any  owner  or  proprietor  of  any  lands,  through  which 
the  said  road  is  to  be  constructed,  showing  his  or  their 
agreement  to  the  same,  shall  be  valid  and  effectual  to 
give  the  same  power  and  authority  over  all  land  required 
for  the  construction  of  the  road,  as  if  the  same  had  been 
conveyed  by  deed  or  bargain  and  sale,  or  condemned 
upon  petition  aforesaid. 

Sec.  23.  The  said  President  and  Directors,  for  the  pur-  .  „.    ..  , 

'  L  Authority  to  take 

pose    of  constructing  their   railroad  aforesaid   and  the  jj^centiands 
works  necessarily  connecting  therewith,  or  of  repairing 
the  same  after  they  shall  have  been  made,  or  of  enlarg- 
ing or  otherwise  altering  the  same,  shall  be  at  liberty,  by 
themselves,  their  officers,  agents  or  servants,  at  any  time 
to  enter  upon  any  adjacent  lands,  and  to  cut,  quarry,  dig, 
take  and  carry  away  therefrom  any  wood,  stone,  gravel 
or   earth,   which  they   may  deem    necessary  :  Provided,  Proviso, 
however,  that  they  shall  not,  without  the  consent  of  the 
owner,  cut  down  any  fruit  tree,  or  any  tree  preserved  in 
any  lot  or  field  for  shade  or  ornament,  nor  take  any  timber, 
gravel,  stone,  or  earth,  constituting  any  part  of  any  fence 
or  building.     For  all  wood,  stone,  gravel  or   earth  taken  Compensat5on  t0 
under  authority  of  this  act,  for   all  incidental  injuries  owner- 
done  to  the  inclosure,  crops,  wood  or  ground,  in  taking 
and   carrying  away  the  same,  the    said  President  and 
Directors  shall  make  to  the  owner  a  fair  and  reasonable 
compensation    to  be  ascertained,  if  the  parties   cannot 
agree,  by  any  three   impartial   and   disinterested    free- 

•,-,-,  i       i     •  •  i  Arbitration. 

holders,  who  being  appointed  for  that  purpose  by  any 
Justice  of  the  Peace,  thereto  required  by  the  owner,  shall 
be  sworn  by  him,  and  shall  then  ascertain  the  compensa- 
tion upon  their  own  view  of  the  wood,  ground,  earth  or 


(40) 

stone  taken  and  for  the  injury  done  as  aforesaid  in  taking 
■  Proviso.  them  :  Provided  however,  That  it  shall  be  the  duty  of  the 

owner  or  owners  to  show  to  the  Justice  of  the  Peace  to 
whom  the  application  is  made,  that  ten  days  previous 
notice  of  making  the  same  has  been  given  to  the  President, 
or  one  of  the  principal  agents  of  the  Railroad  Company 
and  no  award  which  may  be  given  under  any  appointment, 
without  such  notice,  shall  be  obligatory  or  binding  on  the 
Further  proviso.  Company :  Provided  however,  That  either  party  not  satisfied 
with  the  award  which  may  be  given  as  above,  may  appeal 
to  the  Court  of  Pleas  and  Quarter  Sessions  of  the  county  in 
which  the  land  may  be  situated,  who  may  as  in  the  case  of 
the  assessment  of  lands,  confirm  or  disaffirm  the  report  of 
the  freeholders,  supersede  them  or  any  of  them,  and  ap- 
point others  in  their  stead  or  direct  another  view  and  report 
to  be  made  as  often  as  may  be  necessary. 


Company  liable 
for  injury  done  to 
property. 


Sec.  24.  If  the  President  and  Directors,  in  entering  upon 
the  land  of  any  person  under  the  authority  of  this  act  for 
the  purpose  of  laying  out,  constructing,  enlarging,  altering 
or  repairing  any  of  their  said  works,  shall  by  themselves  or 
their  officers,  do  any  wanton  and  wilful  injury  to  suchland 
or  its  appurtenances,  or  to  the  crops  growing  or  gathered, 
or  to  any  other  property  thereon,  the  Weldon  Railroad 
Company  shall  pay  to  the  person  so  injured,  double  the 
amount  of  damages  which  shall  be  assessed  by  a  jury  in 
any  proper  action  therefor ;  or  if  said  injury  be  done  by  any 
person  or  persons  who  may  have  contracted  with  the  Com- 
pany for  the  construction  of  any  portion  of  the  road  or  any 
part  of  the  works  connected  therewith,  he  or  they  shall  be 
responsible  to  the  party  injured  in  the  like  amount. 


Established  roads 
or  ways  not  to  be 
obstructed. 


Sec.  25.  Whenever  in  the  construction  of  said  railroad, 
it  shall  be  necessary  to  cross  or  intersect  any  established 
road  or  way,  it  shall  be  the  duty  of  the  said  President 
and  Directors  so  to  construct  the  said  railroad  across 
such  established  roads  or  ways  as  not  to  impede  the  passage 
or  transportation  of  persons  or  property  along  the  same,  or 


(41) 

when  it  shall  be  necessary  to  pass  through  the  land  of 
any  individual,  it  shall  also  be  their  duty  to  provide  for 
such  individual  a  proper  wagon  way  across  said  railroad 
from  one  part  of  his  land  to  the  other.  Provided  however,  Proviso, 
that  in  order  to  prevent  the  frequent  crossing  of  estab 
lished  roads  or  ways,  or  in  case  it  may  be  necessary  to  oc- 
cupy the  same,  it  may  be  lawful  for  the  said  President  and 
Directors  to  change  the  said  road  to  points  they  may  deem 
expedient  to  do  so  and  that  for  entering  upon  or  taking 
any  land  that  may  be  necessary  therefor,  they  shall  be 
and  are  hereby  authorized  to  proceed  under  the  provis- 
ions of  this  act,  as  in  the  case  of  land  necessary  for  their 
railroad.  Provided  further,  That  previous  to  the  making  Further  Proviso, 
of  any  such  change,  the  said  company  shall  make  and 
prepare  a  road  equally  good  with  the  portion  of  the  road 
proposed  to  be  substituted,  but  nothing  herein  contained 
shall  be  so  construed  as  to  make  it  incumbont  o.i  jthe 
company  to  keep  in  repair  the  portion  of  any  road 
which  they  may  have  changed  as  aforesaid. 

Sec.  26.  The  said  President  and  Directors  or  amajori-  Carriages,  &© 
ty  of  them,  shall  have  power  to  purchase  with  the  funds 
of  the  compan}'-,  and  place  on  the  railroad  constructed 
under  this  act,  all  machines,  wagons,  vehicles  and  car- 
riages and  teams  of  every  description  whatsover,  which 
they  may  deem  necessary  or  proper  for  the  transporta- 
tion of  persons  or  property,  or  if  they  should  deem  it 
more  expedient  to  do  so,  they  may  contract  with  aiw 
individual  or  individuals  for  effecting  the  transportation 
on  the  same. 

Sec.    27.    All  machines,    wagons,     vehicles    and   car-  Property  of  the 

•  i       •  i  Company. 

nages  purchased  as  aforesaid  with  the  funds  of  the  com- 
pany, or  engaged  in  the  business  of  transportation  on 
said  railroad  and  all  the  works  of  said  Company  con- 
structed, or  property  acquired  under  the  authority  of 
this  act,  and  all  profits  which  shall  accrue  from  thesame, 
shall  be  vested  in  the  respective  stockholders  of  the  com> 
6 


(42) 

pany  forever  in  the  proportion  of  their  respective  shares 
and  the  same  shall  be  deemed  personal  estate  and  shall 
be  exempt  from  any  public  charge  or  tax  whatsoever. 

Tram  porta*  V,n.  Sec.  28.  Upon  theroad  hereby  authorized  the  company 
shall  have  the  exclusive  right  of  transportation.  "When 
it  is  completed,  they  shall  at  all  times  furnish  and  keep 
in  good  repair  the  necessary  carriages  and  other  requi- 
sites for  the  safe  and  convenient  transportation  of  per- 
sons and  property  and  it  shall  be  their  duty,  at  all  times 
upon  the  payment  or  tender  of  the  tolls  hereby  allowed, 
to  transport  to  any  depot  on  the  road,  which  the  owner 
of  the  goods  may  indicate  and  thereto  deliver  all  articles 
which  shall  be  delivered  to  them  for  transportation,  or  of- 
fered to  them  in  proper  condition  to  be  transported  at 
said  depot  on  the  road  most  convenient  for  the  reception 
thereof. 

order  of  transpor-      Sec.  29.  They  shall  give  no  undue  preference  to  the 

tatlon-  <•  i  n         i 

property  of  one  person  over  that  of  another,  but  as  far  as 

practicable  shall  carry  each  in  the  order  of  time  in  which 

it  shall  be  delivered  or  offerred  for  transportation,  with 

the  tolls  paid  or  tendered.     If  the  company  or  any  of  its 

officers  or  agents  shall  fail  to  receive,  transport  or  deliver 

in  due  time  any  property  so  offered  to  them  for  transpor- 

ureTo'trans1  it*1  Nation,  or  shall  faii  to  take  up  or  sit  down  any  passenger 

or  passengers  at    such  convenient  point  as   he   or  they 

may  desire,  upon  the  payment  or  tender  of  the  passage 

money  hereby  allowed,  they  shall  forfeit  and  pay  to  the 

party  so  injured,  double  the   amount  of  the  lawful  toll 

paid  or  tendered,  and  shall  moreover    be   liable  to  an 

action  on  the  case   in   which  full    damages   and    double 

costs  shall  be  recovered. 

Sec.  80.  So  soon  as  any  portion  of  the  railroad  hereby 
authorized,  may  be  in  readiness  for  transportation,  it 
shall  be  lawful  for  the  said  President  and  Directors  to 
transport  by  their  officers  or  agents  or  by  contracts  under 
them,  persons  and  property  on  the  same,  and  they  shall 


(43) 

have  power  to  charge  for  the  transportation  of  persons, 
goods,  produce,  merchandize  and  other  articles  and  for 
the  transportation  of  the  mail,  any  sum  not  exceeding 
the  following  rates,  viz :  On  persons,  not  exceeding  eight  ^ao"01  tiansi}01'- 
cents  a  mile  for  each  person,  unless  the  distance  which 
any  person  be  transported  be  less  than  ten  miles,  in 
which  case  the  President  and  Directors  may  be  entitled 
to  make  an  extra  charge  of  fifty  cents  for  taking  up  and 
putting  down  each  person  so  transported  ;  for  the  trans- 
portation of  goods,  produce,  merchandize  and  other  ar- 
ticles, not  exceeding  an  average  of  twelve  cents  per  ton 
per  mile  and  for  the  transportation  of  the  mail,  such 
sums  as  they  may  agree  for  and  the  said  President  and 
Directors  shall  be  furthermore  entitled  to  demand  and 
receive  for  the  weighing,  storage  and  delivery  of  produce 
and  other  commodities  at  their  depots  and  warehouses, 
rates  not  exceeding  the  ordinary  warehouse  rates  charged 
for  such  services. 

Sec.  31.  Be  it  farther  enacted,  That  if  the  said  President  Bridge, 
and  Directors  shall  deem  it  advisable  to  construct  the 
bridge  which  may  be  necessary  on  the  line  of  their  rail- 
road of  sufficient  width  to  admit  of  the  passage  of  com- 
mon roads  as  well  as  their  railroads  over  the  same,  they 
may  be  entitled  to  demand  and  receive  from  all  persons 
and  for  wagons,  carriages  and  for  all  four  and  two 
wheeled  vehicles  and  for  beasts  of  burden,  sheep  and  hogs 
passing  the  same,  the  tolls  which  may  be  allowed  by  the 
Court  of  Pleas  and  Quarter  Sessions  of  the  county  in 
which  the  said  bridge  may  be. 

Sec.  32.  As  soon  as  ten  miles  of  the  railroad  hereby  Dividends, 
authorized,  shall  be  completed,  the  President  and  Di- 
rectors shall  annually  or  semi-annually  declare  and 
make  such  dividend  as  they  may  deem  proper,  of  the 
nett  profits  arising  from  the  resources  of  the  said  com- 
pany after  deducting  the  necessary  current  and  proba- 
ble contingent  expenses  of  the  said  company  and  shall 


(44) 

divide  the  same  among  the  proprietors   of  the  stock  of 
said  company  in  proportion  to  their  respective  shares. 

Meeting*  of  stock-      Sec.  33.  An  annual  meeting  of  the   subscribers   to  the 

holder*.  a 

stock  of  said  company,  shall  be  held  at  such  time  and 
place  in  each  year,  as. the  stockholders  at  their  first  gen- 
eral meeting,  or  at  any  subseqent  meeting,  may  ap- 
point, to  constitute  which  or  any  general  meeting  called 
by  the  President  and  Directors  according  to  the  provis- 
,  ions  of  this  act,  the  presence  of  the  proprietors  entitled  to 
a  majority  of  all  the  votes  which  could  be  given  by  all 
the  stockholders  shall  be  necessary  either  in  person  or 
by  proxy  properly  authorized  and  if  a  sufficient  number 
do  not  attend  on  that  day  or  any  da}'-  appointed  for  a 
general  meeting  called  by  the  Directors  aforesaid,  the 
proprietors  who  do  attend  may  adjourn  from  time  to 
time  until  such  general  meeting  shall  be  had. 


Appor'ionmentot  SEC.  34.  Jn  counting  all  the  votes  of  the  said  company 
each  member  shall  be  allowed  one  vote  for  each  share 
not  exceeding  two  shares.  One  vote  for  every  two  shares 
above  two  and  not  exceeding  ten  ;  and  one  vote  for  every 
five  shares  above  ten  by  him  held  at  the  time  in  the 
stock  of  the  company  Provided,  however,  That  no  stock- 
holder whether  an  individual,  body  politic  or  corporate, 
shall  be  entitled  to  more  than  sixty  votes  on  any  amount 
of  the  capital  stock  of  said  company  held  by  him  or 
them. 

Sec.  35.  The  President  and  Directors  shall  render  dis- 
tinct accounts  of  their  proceedings  and  disbursements  of 
money  to  the  annual  meeting  of  the  stockholders. 

Sec.  36.  The  works  hereby  required  of  the  Weldon 
Railroad  Company,  shall  be  executed  with  diligence,  and 
if  they  be  not  commenced  within  three  years  after  the 
passage  of  this  act  and  finished  within  ten  years  after 


lit* 


U5) 

the  first  general  meeting  of  the  stockholders*  then  this 
charter  shall  be  forfeited. 

Sec.  37.  The  President  and  Directors  shall  cause  to  be  Certificates, 
written  or  printed  certificates  of  the  shares  of  the  stock 
in  the  said  companj'  and  shall  deliver  one  such  certifi- 
cate signed  by  the  President  and  countersigned  by  the 
Treasurer,  to  each  person  for  the  number  of  shares  sub- 
scribed by  him  which  certificate  shall  be  transferable  by 
him,  subject  however  to  all  payments  due  or  to  become 
due  thereon  and  such  assignee  having  first  caused  the 
transfer  or  assignment  to  be  entered  in  a  book  of  the 
company  to  be  kept  for  the  purpose,  shall  thenceforth  be- 
come a  member  of  the  company  aforesaid  and  shall  be 
liable  to  pay  all  sums  due,  or  to  become  due,  upon  the 
stock  assigned  him :  Provided  however,  That  such  as- 
signment shall  in  no  wise  exempt  the  assignor  or  his 
representative  from  their  liability  to  the  said  company 
for  their  payment  of  all  such  sums,  if  the  assignee  or  his 
representative  shalll  be  unable  or  fail  to  pay  the  same. 

Sec.  38.  If  any  person  or  persons  shall  wilfully,  by  any  ft*SctlngoVinjur- 
means  whatever,  impede  or  hinder  the  construction  or  ingtheroad- 
injure,  impair  or  destroy  any  part  of  the  railroad  to  be 
constructed  under  this  act,  or  any  of  the  necessary  works, 
machines,  wagons,  vehicles,  carriages  or  other  property 
belonging  to  the  said  company,  or  shall  place  any  ob- 
struction on  said  road,  such  person  or  persons  shall  be 
deemed  guilty  of  a  misdemeanor  and  on  conviction  there- 
of in  the  Court  of  Pleas  and  Quarter  Sessions,  or  Superior 
Court  of  Law  of  the  county  in  which  the  offence  may  be 
committed,  shall  be  fined  and  imprisoned  at  the  discre- 
tion of  the  Court. 

Sec.  39.  Be  it  further  enacted,  That  when  the  General  proceedings  in 
Assembly  may  be  of  the  opinion  that  the  charter  hereby  of  charter, 
granted   shall  have  been  violated,  it  may  be  lawful  by 
joint  resolutions  of  the  two  Houses  to  direct  the  Attorney 


(46) 

General  with  such  assistant  counsel  as  the  Governor  or 
Legislature  may  think  proper  to  engage,  to  issue  a  writ 
of  scire  facias,  returnable  before  the  Judges  of  the  Supreme 
Court,  calling  upon  the  said  corporation  to  show  cause 
why  their  charter  shall  not  be  forfeited,  subject  to  the 
same  proceedings  as  are  now  prescribed  by  law  in  case 
8i?ectionpen  t0  in"  °^  °^ier  corporations.  Their  books  shall  at  all  times  be 
open  to  the  inspection  of  a  Committee  of  the  General  As- 
sembly appointed  for  the  purpose,  and  the  President  of 
said  Company  shall  biennially  make  a  report  to  the 
Legislature,  on  or  before  the  third  week  of  their  session 
of  their  receipts  and  expenditures,  and  of  such  other  of 
their  proceedings  as  he  shall  deem  proper. 


r.oad  may  be 


Sec.  40.  Be  it  further  enacted,  That  any  railroad  which 
crossed.  raay   hereafter  be  constructed   by  the   State  or  by  any 

company  incorporated  by  the  Legislature,  shall  be  at 
liberty  to  cross  the  road  hereby  allowed  to  be  constructed 
upon  a  level  or  otherwise  as  may  be  advantageous  :  Pro- 
vided, that  the  free  passage  of  the  Weldon  Railroad  is 
not  obstructed. 

Depot  at  the  peint      Sec.  41.  Beit  farther  enacted,  That  whenever  the  Railroad 

cross&d • 

shall  be  so  crossed  or  approached  by  any  other  Railroad 
incorporated  by  the  State,  the  said  Weldon  Railroad 
Company  may  erect  a  depot  at  or  near  the  point  of  in- 
tersection, where  they  may  receive  and  deliver  passen- 
gers and  freight  and  take  therefor  the  same  rates  of 
compensation  and  be  subject  to  the  same  regulations  as 
other  depots  and  if  they  fail  or  refuse  to  erect  such  depot 
the  State  or  company  owning  such  intersecting  road 
may  erect  one  and  the  company  hereby  incorporated 
shall  receive  and  deliver  passengers  and  freight  at  such 
depot,  under  the  same  regulations  as  aforesaid  unless 
the  same  shall  be  rendered  impracticable  by  the  situa- 
tion of  the  railroad  at  such  place. 

Sec.  42,  And  be  it  further  enacted,   That  this  act  shall 


(47) 

take  effect  and  be  in  force  from  and  after  its  ratification, 
and  shall  enure  and  continue  for  the  term  of  ninety 
years, 

[Ratified  the  8th  day  of  January,  A.  D.  1839.] 

The  following  Act  was  ratified  12th  January,  1841. 

AN  ACT  FOR  THE  BENEFIT  OF   THE  RALEIGH  AND  GASTON   RAIL- 
ROAD COMPANY. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  charges'ofthe6 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  an-  cningap/r  mrner.ar 
thority  of  the  same,  That  it  shall  hereafter  be  lawful  for 
said  company  to  charge  for  the  transportation  of  passen- 
gers any  sum  not  exceeding  ten  cents  per  mile,  any  law 
to  the  contrary  notwithstanding. 

Sec.  2.  And  be  it  further  enacted,  That  this  act  jhall  be 
in  force  from  and  after  its  passage  until  the  end  of  the 
next  session  of  the  Legislature. 

[Ratified  the  12th  day  of  January,  1841.] 

The  following  Act  was  ratified  4th  of  January,  1841: 

AN  ACT  TO  SECURE  THE  STATE  AGAIKST  ANY  AND  EVERY  LIA- 
BILITY INCURRED  FOR  THE  RALEIGH  AND  GASTON  RAILROAD 
COMPANY,  AND  FOR  THE  RELIEF  OF  THE  SAME. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  The  railroad  may 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  au-  S^heVmomrtof 

.,       ..         /..,  _      mi      .  r,  ,i  -  $30<\000  payable  to 

thority  oj  the  same,  Inat  at  any  time  alter  the  passage  of  the  Pubito  Treas- 
this  act,  the  President  and  Directors  of  the  Raleigh  and 
Gaston  Railroad  Company,  may  make  their  bonds  pay- 
able to  the  Public  Treasurer  of  the  State  of  North  Caro- 
lina, for  the  sum  of  three  hundred  thousand  dollars  and 
no  more,  which  said  bonds  are  to  be  signed  by  the  Presi- 
dent, and  under  the  seal  of  the  corporation,  and  made  for 
any  sum  or  sums,  not  under  one  thousand  dollars,  and 


(48) 


ments. 


to  carry  interest  at  the  rate  of  six  per  cent,  per  annum, 
semir-annnaiieypa,d  wn^cn  interest  is  to  be  paid  semi-annually,  to- wit:  on  the 
first  Monday  in  January  and  the  first  Monday  in  July  in 
each  and  every  year  thereafter ;  the  principal  sums 
pai3°m  hiatal? re  secure<^  DJ  said  bonds  to  be  payable  as  follows,  that  is  to 
say,  as  to  one-tenth  part  thereof,  on  the  first  Monday  in 
January,  A.  D.  one  thousand  eight  hundred  and  forty- 
five,  as  to  one  other  tenth  part  thereof,  on  the  first  Mon- 
day in  January,  one  thousand  eight  hundred  and  forty- 
six,  as  to  one  other  tenth  part  thereof,  on  the  first  Monday 
in  January,  one  thousand  eight  hundred  and  forty -seven, 
as  to  one  other  tenth  part  thereof,  on  the  first  Monday  in 
January,  one  thousand  eight  hundred  and  forty-eight,  as 
to  one  other  tenth  part  thereof,  on  the  first  Monday  in 
January,  one  thousand  eight  hundred  and  forty-nine,  as 
to  the  one  other  tenth  part  thereof,  on  the  first  Monday 
in  Januar\,  one  thousand  eight  hundred  and  fifty,  as  to 
one  other  tenth  part  thereof,  on  the  first  Monday  of 
January,  one  thousand  eight  hundred  and  fity-one,  as  to 
one  other  tenth  part  thereof,  on  the  first  Monday  of 
January,  one  thousand  eight  hundred  and  fifty-two,  as 
to  one  other  tenth  part  thereof,  on  the  first  Monday  of 
January,  one  thousand  eight  hundred  and  fifty-three, 
and  as  to  the  remaining  tenth  part  thereof,  on  the  first 
day  of  January,  A.  D.  one  thousand  eight  hundred  and 
fifty-four. 


Public  Treasurer       Sec.  2.  Be  it  farther  enacted,  That  upon  the  President 

te  endorse  the  ■>  n  •  ■<  • 

bonds.  making  the  bonds  as  aforesaid,  and  filing  the  same  with 
the  Public  Treasurer  of  the  State  it  shall  be  his  duty  and 
he  is  hereby  directed  to  endorse  on  said  bonds  as  follows  : 
"  Pay  to '■ or  order."  and  this  endorse- 
ment pledges  the  State  of  North  Carolina  as  security  for 
the  payment  of  the  sum  in  the  bond  according  to  the 
provisions  of  this  act,  which  endorsement  is  to  be  signed 
by  the  Public  Treasurer  in  his  official  capacity  and  coun- 
tersigned by  the  Comptroller.  The  Public  Treasurer 
after  endorsing  the  bonds  as  before  mentioned,  shall  duly 


(49) 

number  and  register  them  at  large   in   a  book   prepared 
and  kept  for  that  purpose. 

Sec.  3.  Be  it  further  enacted,  That  it  shall  be  the  duty  The^nds^theuto 
of  the  Public  Treasurer  on  the  endorsement  being  made  £rith°elruse?pany 
as  directed,  and  the  bonds  being  numbered  and  regis- 
tered, and  the  mortgage  as  hereinafter  directed,  being 
made  and  delivered  to  the  Governor,  to  deliver  the  same 
to  the  President  and  Directors  of  said  Company  and  they 
are  at  liberty  to  fill  up  the  blank  in  said  endorsement 
with  the  name  or  names  of  the  person  or  persons,  or 
company  or  corporation,  to  whom  the  same  may  be  sold 
or  transferred,  and  when  so  filled  up  shall  be  as  binding 
on  the  State  of  North  Carolina  as  if  the  same  was  done 
by  the  Public  Treasurer  at  the  time  of  making  the  en- 
dorsement aforesaid. 

Sec  4.  Be  it  farther  enacted.    That  the   President  and  The  Railroad  com- 

'  Dany    t0  make   a 

Directors,  from  time  to  time,  as  they  shall  sell  or  transfer  statement  to  the 

:  i  j  Public    Treasurer 

the  said  bonds,  and  fill  up  the  blank  with  the  name  or  oMjj»|  ^borias 

names*  of  the  person,  company  or  corporation  to  whom  are  disposed  of. 

they  are  sold  or  transferred,  shall  cause  a  statement  to  be 

filed  with  the  Public  Treasurer,  setting  forth  the  time  of 

the  transfer,  or  sale,  the  person,  company  or  corporation, 

to  whom  pa}^able,  to  be  by  him  registered  in  the  book  to 

be  kept  for  the  registration  of  the  bonds  aforesaid. 

Sec  5.  Be  it  further  enacted,  That  for  the  payment  semi-  Faith  of  the  state 

n         *••/ <l     i.  xi  \e    ■  1.  is  pledged  for  the 

annually  ot  interest  at  the  rate  of  six  per  centum  per  an-  semiannual mter- 

i  •  ii  iii  est  on  the  bonds 

num,  on  the  principal  debt  due  on  the  bonds  hereby  au- 
thorized to  be  made,  and  of  the  principal  sums  as  the 
same  shall  become  due  and  payable,  the  credit  and  faith 
of  the  State  is  pledged  to  the  holders  of  said  bonds,  and 
on  failure  of  the  President  and  Directors  to  pay  the  prin- 
cipal and  interest  as  it  accrues,  the  Public  Treasurer  is 
authorized  to  pay  the  same  out  of  any  money  in  the 
Treasury  at  the  time. 
7 


(50) 
The  bonds  are         Sec.  6.  Be  it  further  enacted,  That  the  said  bonds  shall 

transferable  by 

the  holders.  be  transferable  by  the  holders  of  the  same  or  by  his,  her 

or  their  attorney,  in  a  book  to  be  kept  by  the  Public 
Treasurer  for  that  purpose,  and  in  every  such  transfer, 
the  outstanding  bond  shall  be  surrendered  to  and  can- 
celled by  the  Public  Treasurer,  and  a  new  bond  for  the 
same  amount  shall  be  issued  to  the  person  entitled  to  the 
Jre01deiiverednto  same  :  Provided,  That  before  any  of  the  said  bonds  are 
pany,atneadstock"  delivered  to  the  President  and  Directors  of  said  Company 
toeSfeo?61'8  the   stockholders    in   the   same   holding  at  least  three- 
security  to  'theas  fourths  of  its  stock,or  on  failure  of  any  of  the  stockholders, 

State  against  loss.  ra    •       ,  i_  j?      n  i  ±  i 

a  sufficient  number  of  other  solvent  persons  who  may 
subscribe  in  such  sums  as  they  may  think  proper  so  as  to 
amount  in  all  to  the  sum  of  five  hundred  thousand  dol- 
lars, shall  enter  into  a  bond,  payable  to  the  State  of  North 
Carolina,  covenanting  and  binding  each  one  of  the  obli- 
gors therein,  severally,  to  pay  and  satisfy  to  the  said 
State  a  part  proportionate  to  the  number  of  shares  of  each 
one's  stock,  and  to  the  sums  so  subscribed,  in  any  loss  or 
damage  that  may  come  to  the  State,  in  consequence  of 
the  endorsement  by  the  State  of  the  bonds  for  five  hun- 
dred thousand  dollars,  under  the  act  of  one  thousand 
eight  hundred  and  thirty-eight,  and  one  thousand  eight 
hundred  and  thirty-nine,  entitled  an  act  for  the  relief  of 
the  Raleigh  and  Gaston  Railroad  Company,  and  insuf- 
ficiency of  the  real  and  personal  estate  and  property  of 
said  Company  to  discharge  the  same;  which  bond  shall 
Bond  to  be  renew-  be  renewable  every  two  years,  and  the  ability  of  such 
years.every  ,  obligors  at  the  time  of  such  renewal  shall  be  judged  of 
by  the  Governor, Treasurer  and  Comptroller  of  this  State, 
and  in  case  of  failure  on  the  part  of  an  obligor,  to  renew 
as  herein  directed,  such  refusal  shall  operate  as  a  breach 
of  the  bond  heretofore  given  as  to  such  stockholder  so 
refusing,  and  the  same  is  hereby  directed  to  be  put  in 
suit,  and  said  refusal  shall  further  work  a  forfeiture  of 
the  stock  of  such  obligor  to  the  Raleigh  and  Gaston  Rail- 
road Company,  and;  Provided  further,  That  before  any  of 
said  bonds  are  delivered  as  aforesaid  the  Governor  of  the 


(51) 

State  shall  make  enquiry  into  the  ability  of  the  obligors 
thereto,  and  certify  to  the  Public  Treasurer  that  in  his 
opinion,  they  are  able  to  pay,  and  satisfy  the  bond  afore- 
said. 

Sec.  7.  Be  it  further  enacted,  That  where  any  stock-  blr^erto°ovm  tuf- 
holder  agreeing  to  accept  the  provisions  of  this  act  shall  tws  state!perty  in 
not  be  a  resident  of  the  State  of  North  Carolina,  or  shall 
not  be  the  owner  of  sufficient  real  estate  within  the  limits 
of  this  State  to  satisfy  the  amount  of  the  bond  hereby 
directed  to  be  taken,  he  or  she  shall  be  required  to  give 
good  and  sufficient  security  within  the  limits  of  this 
State. 

Sec.  8.  Be  it  further  enacted,  That  the  said  Raleigh  and  The  company  to 

infl.lcfl  its  d  motion 

Gaston  Railroad  Company  shall,  within  the  space  of  four  Jo  accept  the 

D6ncn.t<  oi  tins  jiiic 

months  from  the  15th  day  of  Januarv,  one  thousand  within  four 

J  »  '  months. 

eight  hundred  and  forty- one,  make  their  election  to  ac- 
cept the,  benefit  of  this  act,  and  upon  the  same  being 
made,  to  give  notice  thereof  to  the  Governor ;  otherwise 
that  the  same  be,  and  is  hereby  declared  to  be  void  and 
of  no  effect. 

Sec.  9.  Be  it  farther  enacted,  That  when  the  President  Public  Treasurer 

t»    i    •  -1/-1  -r»«i  r*  is  to  deliver  bonds 

and  Directors  of  the  Raleigh  and  Gaston  Railroad  Com-  endorsed  by  him, 

°  .  when  securities 

pany  shall  make,  execute  and  deliver  to  the  Governor  of  forfransfor%ytate 
this  State  for  and  on  behalf  of  the  State,  a  deed  of  mort-  said  company, 
gage,  under  the  seal  of  said  company,  wherein  and 
whereby  shall  be  conveyed  to  the  said  Governor  and  his 
successors  in  office  for  the  use  and  benefit  of  the  State, 
all  the  estate,  real  and  personal,  belonging  to  the  said 
Raleigh  and  Gaston  Railroad  Company,  or  in  any  man- 
ner pertaining  to  the  same,  conditioned  for  indemnifying 
and  saving  harmless  the  State  of  North  Carolina  from  the 
payment  of  the  whole  or  any  part  of  the  bonds  hereby 
authorized  to  be  made  and  issued  by  the  President  and 
Directors  of  the  Raleigh  and  Gaston  Railroad  Company, 
and  endorsed  by  the  Public  Treasurer ;   also  make,  exe* 


(52) 

cute  and  deliver,  under  the  seal  of  said  Company,  to  the 
Governor  for  the  use  and  benefit  of  the  State,  a  pledge  of 
so  much  of  the  profits  of  the  road,  as  should  be  sufficient 
to  pay  semi-annually  the  interest  which  may  accrue  on 
said  bonds  until  the  final  redemption  and  payment  of  the 
principal  of  said  bonds,  which  said  deed  of  mortgage  and 
pledge  shall  be  approved  by  the  Governor  and  Atttorney 
General  of  the  State;  and  when  the  bond  provided  for  by 
the  sixth  section  of  this  act  shall  have  been  filed  with 
the  Public  Treasurer,  then,  and  not  before,  it  shall  be  the 
duty  of  the  Public  Treasurer,  and  he  is  hereby  required 
to  deliver  to  the  President  and  Directors  of  the  Raleigh 
and  Gaston  Railroad  Company  the  whole  of  said  bonds, 
which  by  this  act  he  is  authorized  and  required  to  en- 
dorse, taking  therefor  the  receipt  of  the  President  of  said 
Raleigh  and  Gaston  Railroad  Company. 

Recourse  to  be         Sec.  10.  Be  it  further  enacted,  That  incase  of  failure  hy 
nor  of  the  state  m"  the  President  and  Directors  of  said  Raleigh  and  Gaston 

case  of  failure  in  -L.    .,  ,•  ~  ,     ;_.     .  .  „ 

the  Railroad  com-  Kailroad  Company  to  pay  and  discharge  semi-annually 

pany  to   pay  the  "*'.•'  °  J 

teres"tannual  in~  ^e  in^eres^  which  may  accrue  on  the  bonds  hereby  au- 
thorized to  be  made  and  executed,  it  shall  be  lawful  for 
the  Governor  of  this  State  for  the  time  being  to  apply  in 
behalf  of  the  State  to  the  Superior  Court  of  Equity  for  the 
county  of  Wake  for  a  sequestration  of  the  receipts  for 
transportation  on  said  road,  and  for  the  appointment  of 
a  Receiver  or  Receivers  of  said  receipts,  which  Court, 
upon  proof  of  failure  to  pay  such  interest  by  the  President 
and  Directors  of  said  Railroad  Company,  shall  have 
power  to  order  such  sequestration  and  to  appoint  a  Re- 
ceiver or  Receivers  accordingly ;  and  in  case  of  such  se- 
questration and  the  appointment  of  a  Receiver  or 
Receivers  of  the  profits  for  transportation  on  said  road, 
it  shall  be  the  duty  of  such  Receiver  or  Receivers  to  apply 
so  much  thereof  as  shall  be  sufficient  to  pay  the  interest 
on  said  bonds  semi-annually,  and  to  pay  the  excess  to  the 
President  and  Directors  of  said  Raleigh  and  Gaston 
Railroad  Company. 


(53) 

Sec.  11.  Be  it  further  enacted,  That  in  case  of  failure  of  ^tn*  ^g»V*g 
the  President  and  Directors  of  the  said  Raleigh  and  Gas-  as  It  becdmesCdue! 
ton  Railroad  Company,  to  pay  off  and  redeem  the  prin- 
cipal of  said  bonds,  as  the  same  shall  become  due  and 
payable,  it  shall  be  the  duty  of  the  Governor  of  this 
State  for  the  time  being,  to  cause  the  mortgage  made 
and  executed  by  the  President  and  Directors  of  the  Ral- 
eigh and  Gaston  Railroad  Company  io  be  foreclosed  in 
the  Superior  Court  of  Equity  for  the  county  of  Wake, 
which  court  is  hereby  authorized  and  empowered  to  take 
jurisdiction  of  the  same  and  on  the  decree  of  foreclosure 
being  made  by  said  court,  it  shall  be  the  further  duty  of 
the  Governor  of  the  State  to  cause  the  whole  estate,  real 
and  personal,  so  conveyed  by  mortgage  to  be  sold  at 
such  time  and  in  such  ways  as  shall  most  effectually 
protect  and  save  harmless  the  state  against  any  loss  or 
damage,  by  reason  of  its  liability  for  the  payment  of  said 
bonds  or  any  part  thereof,  and  out  of  the  proceeds  of 
such  sale  or  sales,  to  pay  off  and  redeem  the  whole  amount 
of  principal  of  said  bonds  and  pay  the  excess  to  the 
President  and  Directors  of  said  company. 

Sec.  12.  Be  it  further  enacted,  That  the  General  Assem-  The  General  as- 

.  .  .         sembly  may  at 

blv  may  at  any  time  appoint   a   committee   to   examine  any  time  appoint 

J  J  J  L  L  .a  comnntte  to  ex- 

into  the  situation  of  said  company  and  that  whenever  it  amine  into  the 

.  r       "  situation    of    the 

shall  appear  that  said  company   is  insolvent  and  unable  affairs  of  the  com- 
to  pay  the  amount  for  which   the   state   may   be  liable 
under  the  authority  of  this  act,    the  General  Assembly 
may  direct  the  mortgage    to   be   foreclosed  according  to 
the  provisions  heretofore  prescribed. 

Sec.  13.  Be  it  further  enacted,  That  the  Railroad  ex-  NopartoftheRaii- 

t%    ,    .  ' ,  r\  it  •  i   road    Property  to 

tending  from  Raleigh  to  Gaston,  and  the  engines  and  beitabie to  seizure 

°  °  °  by    execution    at 

other  apparatus  necessarv  to  its  use,  and  all  the  lands  and  the  instance  of 

"  "  '  .      any  creditor. 

houses  and  other  fixtures,  that  are  attached  to  the  said 
road  or  are  convenient  to  its  use,  shall  not  be  liable  to 
seizure  or  sale  by  execution  at  the  instance  of  any  credi- 
tor who"  may  hereafter  see  fit  to  contract  with  said  corpo- 


(54) 

ration  ;  but  if  future  creditors  choose  to  enter  into  engage- 
ments with  said  corporation,  they  shall  look  to  other 
resources  for  payment,  it  being  the  intention  of  the 
Legislature  to  protect  the  public  interest  against  any  im- 
providence, and  to  secure  to  the  public  the  benefit  of  the 
road  and  of  continuing  its  operation  without  the  neces- 
sity of  any  future  advances  by  the  State,  but  this  section 
shall  not  prevent  any  future  creditor  of  the  said  corpora- 
tion from  suing  for  his  debt  and  after  he  has  got  judg- 
ment at  law  resorting  to  a  Court  of  Equity  to  have  the 
shares  of,  or  interest  of  individual  stockholders  in  the 
road,  subjected  to  sale  for  the  payment  of  his  debt;  or 
whatever  profits  he  may  be  entitled  to,  sequestered  for 
that  purpose;  always  rprovided)  that  in  no  event  shall  the 
State's  security  or  interest  in  the  road  be  diminished  or 
interfered  with  :  Provided  further,  That  all  persons  em- 
ployed hereafter  as  agents  and  officers  of  the  Company 
and  in  repairs  of  the  road,  and  all  debts  hereafter  con- 
tracted for  repairs  or  materials  for  repairs,  shall  and  may 
be  paid  out  of  the  profits  of  the  same,  and  such  creditors 
may  file  a  petition  either  at  law  or  in  equity,  to  recover 
their  debt  and  to  have  the  same  paid  out  of  the  said 
profits,  under  the  orders  and  decrees  of  the  Court.  Such 
suits,  however,  shall  always  be  brought  in  Wake  Superior 
Court,  against  said  Company,  and  no  where  else  in  order 
that  the  Attorney  General  may  interpose  in  cases  where 
any  collision  may  be  suspected,  and  that  the  General  As- 
sembly may  also  more  certainly  and  promptly  investi- 
gate the  affairs  of  said  corporation  ;  but  this  is  not  to  pre- 
vent the  removal  of  any  suit  to  another  county  for  trial 
where  a  reasonable  ground  for  it  is  shown  to  the  Court 
upon  affidavit,  as  in  other  cades. 

Sec.  14.  Be  it  further  enacted,   That  said   corporation 

onthepr0apmynd  shall   have   no  power  to   divide   any   dividend   of  the 

which  the estate "is  profits  of  said   road   until   all  the  debts   for  which  the 

paid.  State    is  responsible   on    account   of  said    corporation, 

shall  be  fully  discharged,  both  principal   and   interest, 


The    Company  to 
make  no  dividend 


(55) 

but  it  shall  be  the  duty  of  the  President  and  Directors 
of  said  corporation  to  set  aside  annually  all  the  surplus 
profits  of  said  road  as  a  sinking  fund  to  discharge  the 
several  responsibilities  of  the  State  as  they  may  severally 
became  due  and  said  President  and  Directors  shall  at 
every  session  of  the  Legislature,  make  report  of  the  re- 
ceipts and  expenses  of  the  road  how  the  surplus  has  been 
invested,  which  shall  be  subject  to  the  approval  or  dis- 
approval of  the  Legislature. 

Sec.  15.  Be  it  further  enacted,  That  in  case  the  Raleigh  if  the  company  do 

^  D       not  assent  to  this 

and  Gaston  Railroad  Company  fails  to  assent  to  this  act,  act,  or  pay  the  in- 
or  to  pay  the  interest  that    may   accrue   upon   the  debt  endorseV^v dthe 
which  has  been  endorsed   for   them  by  the  State,  accor-  Treasurer3  isudi-ic 
ding  to  the   act   of  one   thousand   eight   hundred   and  fnteresMf^have 
thirty-nine,  then  in  order  to  protect  the  honor   and  faith  money.owthe 
of  the  State  and  preserve  the  credit   of  North   Carolina, 
the  Public  Treasurer  is  hereby  directed  to  pay   the  inter- 
est which  may  accrue  before  the  next  meeting  of  the  Gen- 
eral Assembly  out  of  any  money  in  the  Treasury,  and  if 
it  be  necessary  he  is  hereby  authorized  to  borrow  money 
for  that  purpose  upon  the  best  terms  he  can,  and  to  pay 
the  interest  so  due  and  unpaid  by  the  company  and  this 
provision  shall  be  in  force  from  and  after  the  ratification 
of  this  act. 

Sec.  16.  Be  it  further  enacted,  That  this  act  shall  be  in 
force  from  and  after  the  ratification  thereof. 
{Ratified  the  12th  day  of  January,  1841  J 

The  following  resolution  was  ratified  25th  of  January, 
1843. 

RESOLUTIONS    CONCERNING    THE    BONDS    OF   THE  RALEIGH    AND 
GASTON  RAILROAD  COMPANY. 

Whereas,  by  an  act  of  the  General  Assembly  at  the 
last  session  entitled  "An  act  to  secure  the  State  against  any 


(56) 

and  every  liability  incurred  for  the  Raleigh  and  Gaston 
Railroad  Company,and  for  the  relief  of  the  same",  it  was 
among  other  things,  provided  that  the  bonds  given  by 
the  stockholders,  and  others  for  five  hundred  thousand 
dollars  should  be  renewed  every  two  years,  or  that  the 
same  be  put  in  suit,  and  whereas, \t  may  become  necessary 
that  the  bonds  of  other  persons  should  be  substituted  in 
lieu  of  those  which  have  been  already  executed,  pursuant 
to  the  provisions  of  said  act. 

Power  to  sub-,ti-      Resolved  therefore.  That  the  Governor,  Treasurer  and 

1  ute   new  inclem-  1 

nifyiug  tonds.  Comptroller,  be,  and  they  are  hereby  authorized  to  sub- 
stitute and  receive  the  bonds  of  other  persons  in  lieu  of 
those  already  executed,  whenever  it  may  become  neces- 
sary to  renew  the  same,  taking  care  that  the  bonds  so 
substituted  be  well  and  satisfactorily  secured  agreeably 
to  the  provisions  of  the  act  of  1840. 

(Ratified  the  25th  dan  of  January,  A.  D.  1843.) 

The  following  Act  was  ratified  26th  of  January,  1843. 

AN  ACT  TO  AMEND    THE    CHARTERS    OF    TETE  SEVEEAE  KAIL- 
ROADS  IN  THIS  STATE. 

aii  railroads  to  Seciion.  1.  Be  it  enacted  by  the  General  Assembly  of  the 
bridges  across  State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  author- 
crossedbytiiem.  ity  of  the  same,  That  the  Raleigh  and  Gaston  Railrod,  the 
Raleigh  and  Wilmington  Railroad  and  all  other  rail- 
roads within  this  State  shall,  and  they  are  hereby  com- 
pelled to  keep  at  their  expense,  in  proper  repair  all 
bridges  by  them  erected  and  which  it  is  the  duty  of  said 
companies  to  keep  up  across  any  public  road  or  roads  ; 
and  should  they  fail  so  to  do,  each  and  every  such  rail- 
road company  shall  forfeit  and  pay  a  fine  of  twenty- five 
dollars,  over  and  above  such  damages  as  may  be  sus- 
tained to  any  person  who  shall  sue  for  the  same  and 
which  said  penalty  shall  be  recoverable  by  warrant  re- 
turnable before  any  Justice  of  the   Peace  in  the  county 


Penalty. 


(57) 

in  which  the  bridge  is  situated  and  which  is  not  kept  in 
proper  repair  by  such  company  or  companies.  Provided, 
That  Slid  penalty  shall  not  be  incurred  until  ten  day s 
have  elapsed  from  the  time  said  bridge  or  bridges  shall 
have  been  out  of  repair  and  all  laws  and  clauses  of  laws 
coming  in  conflict  with  this  act  are  hereby  repealed. 
[Ratified  the  26th  of  January  A.  D.,  1843.] 

The  following  act  was  ratified  6th  January,  1845. 

AN  ACT  TO  AUTHORISE  THE  FORECLOSURE  OF  THE  MORTGAGE  OF 
THE  RALEIGH  AND  GASTON  RAILROAD. 

Whereas,  by  an  act  of- the  General  Assembly  begun  Preamble, 
and  held  on  the  third  Monday  of  November,  one  thous- 
and eight  hundred  and  thirty-eight,  entitled  "An  act  for 
the  relief  of  the  Raleigh  and  Gaston  Railroad  Company," 
it  wras  provided,  among  other  things,  that  the  Treasurer 
of  the  State  should  endorse  the  bonds  of  the  said  Com- 
pany to  the.  amount  of  five  hundred  thousand  dollars,  for 
the  use  and  benefit  of  said  Company,  and  the  said  Com- 
pany should  execute  a  mortgage  on  the  road  and  other 
property,  real  and  personal,  to  secure  the  State  from  any 
loss  by  reason  of  its  endorsement  of  said  bonds,  and  also 
to  pledge  the  profits  of  the  road  for  payment  of  interest 
on  the  same  ;  and  ivherms,  it  was  also  provided  in  said 
act,  that  the  General  Assembly  might  at  any  time  appoint 
a  committee  to  enquire  into  the  insolvency  of  said  Com- 
pany ;  and  whereas,  at  a  session  of  the  General  Assembly 
begun  and  held  on  the  third  Monday  of  November,  one 
thousand  eight  hundred  and  forty,  an  act  was  passed, 
entitled  "An  act  to  secure  the  State  against  any  and  every 
liability  incurred  for  the  Raleigh  and  Gaston  Railroad 
Company,  and  for  the  relief  of  the  same,"  which  act  also 
provided,  among  other  things,  for  the  endorsement  by 
the  State  of  bonds  to  the  amount  of  three  hundred  thous- 
and dollars  for  the  use  and  benefit  of  said  Company,  and 
required  the  Company  on  their  part,  to  execute  and  de- 


(58) 

livei  o  the  Treasurer  individual  bonds  of  the  stock- 
holders and  other  subscribers,  to  the  amount  of  five  hun- 
dred thousand  dollars,  to  secure  that  amount  of  liabilities 
incurred  by  the  Btate  for  said  Company  under  the  act  of 
one  thousand  eight  hundred  and  thirty-eight;  and  also 
to  execute  and  deliver  a  mortgage  of  the  road  and  other 
property,  real  and  personal,  belonging  to  the  company, 
to  secure  the  State  against  any  loss  by  reason  of  its  en- 
dorsements of  the  bonds  endorsed  under  that  act;  and 
whereas  the  said  act  also  provided  that  the  General  As- 
sembl}r  might  at  an}7  time  appoint  a  committee  to  in- 
quire into  the  solvency  of  the  company  and  its  inability 
to  pay  its  debts  ;  and  yjhereas,  at  the  present  General  As- 
sembl}',  a  committee  has  been  appointed  to  inquire  into 
the  insolvency  of  said  company  and  its  inability  to  pay 
its  debts;  and  whereas,  at  the  present  General  Assembly, 
a  committee  has  been  appointed  to  inquire  into  the  in- 
solvency of  said  company,  who  have  reported  that  the 
Raleigh  and  Gaston  Railroad  Company  is  unable  to  pay 
its  debts  and  is  insolvent,  which  said  re.  ort  has  been 
affirmed  by  this  General  Assembly. 

Governor  to  cause       Section  1.    Therefore  be  it  enacted  by  the   General  Aasem- 

foreclosura  of  *•  ° 

mortgage.  fj/y  0j  (jle  state  of  North  Carolina,  and  it  is  hereby  enacted  by 

the  authority  of  the  same,  That  it  shall  be  the  duty  of  the 
Governor  of  the  State  to  cause  the  mortgages  made  and 
executed  by  the  President  and  Directors  of  the  Raleigh 
and  Gaston  Railroad  Company  to  be  foreclosed  in  the 
Superior  Court  for  the  county  of  Wake,  at  its  next  term 
in  April  1845.  In  case  the  defendent,  having  been  duly 
served  with  process,  shall  fail  to  answer  within  the  three 

judgment  pro-      first  davs  of  the  term,  judgement  pro  conftsso  shall  be  en- 

confesso,  if  no  an-  ,  . 

swer.  tered,    and    the   cause   set   tor    hearing,   and    shall    be 

n  answer  trial      heard  and  decided    during  the   term.     If  the  defendant 
i^ssh?ustdcauys'eUto  shall  appear  and  respond  to  the  bill  by '  plea,  answer  or 
courttVbead-  en  demurrer,  it  shall  be  ihe  duty  of  the  court   to    hear  and 
decide  the  case  as  to  the  prayer  for   foreclosure  and  sale 
during  the  term,  unless  good  and    sufficient  cause  for  de- 


(59) 

lay  be  made  to  appear  to  the  court,  in  which  case  the 
court  shall  adjourn  the  case  to  the  earliest  day  practica- 
ble for  preparing  for  a  final  hearing ;  and  the  Judge 
holding  such  court,  or  ari}r  other  Judge  whom  the  Gov- 
ernor may  designate,  shall  hear  the  cause  at  the  ap- 
pointed time;  and  in  case  the  court  shall  adjourn  the 
hearing  to  another  day,  the  court  may  make  such,  rules 
and  orders  for  preparing  and  expediting  the  trial  as  may 
seem  agreeable  to  equity.  If  on  the  hearing,  the  court 
shall  decree  a  sale  of  the  mortgaged  property,  the  court 
shall  adjourn  the  cause  to  some  future   day,  for  the  pur-  how  adjourned 

,,  .    .  . ,  „    , ,  .      .  Court  shall  pro- 

pose ot  receiving  the  report  of  the   commissioners   ap-  ceed. 

pointed  to  make  sale  and  if  the  same  be  confirmed  either 
then  or  afterwards,  the  residue  of  the  cause  shall  stand 
adjourned  to  the  ensuing  Court  of  Equity  for  Wake 
county  and  shall  be  therein  and  thereafter  conducted  as 
other  causes  in  equit}7.  If  the  sale  shall  not  be  confirmed 
the  court  shall  take  such  order  in  the  cause  for  effecting 
the  sale  a*s  may  be  agreeable  to  the  rules  of  Courts  of 
Equity,  and  the  court  shall  have  full  power  and  authori- 
ty to  adjourn  the  cause  from  day  to  day  and  from  time 
to  time,  until  the  sale  be  made,  or  the  bill  dismissed. 
And  from  any  order  or  decree  of  the  court,  which  may 
be  made  in  the  premises,  where  appeals  are  now  allowa- 
ble, an  appeal  may  be  taken  to  the  Supreme  Court  of 
the  State,  upon  such  terms  as  are  usual  and  prescribed 
by  law. 

Sec.  2.  Be  it  further  enacted,   That  the   Judge,   for  per-  Allowanceto 
forming  the  extra  services  hereby   required,  shall  be  al-  ^fces01  extra 
lowed  the  sum  of  ninety  dollars. 

Sec.  3.  Be  it  farther  enacted,  That  it  shall  be  the  duty  commissioners  to 
of  the  court,  at  the  time  of  rendering  such  decree,  to 
name  and  appoint  the  Treasurer  of  the  State  Commis- 
sioner to  sell  said  road  and  other  property,  both  real  and 
personal,  which  may  be  decreed  to  be  sold;  and  it  shall 
be  the  duty  of  said  commissioner   to  advertise  the  timq 


(60) 

and  place  of  such  sale,  for  at  least  60  days  in  one  or  more 
of  the  newspapers  published  in  each  of  the  cities  of  Bos- 
ton, New  York,  Baltimore,  Philadelphia,  Richmond  Va., 
Charleston,  S.  C,  Mobile,  Ala.,  New  Orleans,  and  two 
of  the  papers  published  in  Raleigh,  setting  forth  the 
property  proposed  to  be  sold  and  the  terms  of  sale. 
Governor  to  b-.d.  Sec.  4.  Be  it  farther  enacted,  That  the  Governor  of  the 
State  be,  and  he  is  hereby  authorized  and  directed  to 
bid  on  the  said  road  and  other  property  directed  to  be 
sold,  for  and  on  behalf  of  the  State,  a  sum  not  exceeding 
three  hundred  thousand  dollars,  and  the  interest  unpaid 
by  the  company  on  the  bonds  executed  and  endorsed  in 
pursuance  of  the  Act  of  the  General  Assembly  passed  in 
1840-'41  entitled  "  An  Act  to  secure  the  Sfate  against  any 
and  every  liability  incurred  for  the  Raleigh  and  Gaston 
Railroad  Company  and  for  the  relief  of  the  same." 

if  state  become  Sec.  5.  Be  it  further  enacted,  That  should  the  Governor 

purchaser,  officer  ' 

how  appointed,  of  the  State  under  the  preceding  section  become  the  pur- 
chaser for  the  State  of  the  road  and  other  property,  it 
shall  be  the  duty  of  the  Board  of  Commissioners  herein- 
after named  to  appoint  a  President  and  other  officers 
necessary  to  manage  and  conduct  the  same  on  behalf  of 
the  State  until  such  time  as  the  State  can  make  some 
other  disposition  of  the  same  which  disposition  is  hereby 
directed  to  be  made  at  the  earliest  day  consistent  with  a 
due  and  proper  regard  for  the  safety  and  indemnity  of 
the  State  and  said  board  shall  fix  the  rate  of  compensa- 
tion to  be  allowed  to  said  President  and  other  officers  to 
be  appointed  by  them. 

who  shall  he  com-  Sec.  6.  Be  it  further  enacted,  That  the  Governor  of  the 
State  for  the  time  being,  the  Treasurer  and  Comptroller, 
be,  and  they  are  hereby  constituted  the  board  mentioned 
in  section  fifth,  and  that  said  board  be  and  they  are  here- 
by declared  a  Directory  for  the  management  of  said  road 
and  its  concerns,  for  and  on  behalf  of  the  State,  and  that 


(61) 

they  be  allowed  three  dollars  a  day  when  actually  em- 
ployed about  the  same. 

Sec.  7.  Be  it  further  enacted,  That  should  any -vacancy  Vacancy  in  board, 
happen  in  said  board,  by  death,  refusal  to  act,  or  other- 
wise, the  same  shall  be  supplied  by  a  majority  of  the  act- 
ing members. 

Sec.  8.  Be  it  farther  enacted,  That  should  the  State  be-  g°™r»or m^ sel1 
come  the  purchaser  of  said  road  and  other  property  sold 
by  decree  of  Court,  the  Governor,  by  and  with  the  advice 
and  consent  of  his  council,  shall  have  full  power  and  au- 
thority to  sell  and  convey  the  same  to  any  individual,  as- 
sociation of  individuals,  company  or  companies,  for  the 
most  that  can  be  obtained  for  the  same,  upon  such  credits 
as  are  hereinafter  specified  in  case  of  sale  by  the  commis- 
sioner, and  shall  take  proper  and  sufficient  securities  from 
the  purchaser,  to  be  judged  of  by  the  board  aforesaid. 
And  if  the  Governor  shall  have  offers  made  for  the  pur- 
chase of  the  road  and  property  bought  as  aforesaid  by  the 
State,  which  in  his  opinion  ought  to  be  considered,  he 
shall  convene  his  council,  who  shall  consider  the  pro- 
posals and  decide  upon  them. 

Sec  9.  Be  it  further  enacted,  That  the  Governor,  if  he  Governor  may 

..,,,,  .        ,    .  ,  open  books  of  sub- 

and  his  council  shall  deem  it  advisable,  may  open  books  scription. 
for  subscription  of  stock,  and  when  the  sum  of  four  hun- 
dred thousand  dollars  shall  be  subscribed  and  paid  into 
the  Treasury,  or  be  well  secured  by  personal  security  and 
a  lien  on  the  shares  respectively  subscribed,  payable  in 
equal  instalments,  upon  a  credit  of  one  and  two  years, 
with  interest,  the  subscribers  shall  be  a  body  corporate : 
Provided,  the  personal  security  herein  alluded  to  shall  be 
for  the  full  amount  of  the  sum,  the  road  may  sell  for,  and 
the  lien  on  the  shares  herein  mentioned  shall  be  an  addi- 
tional security. 


(62) 
put  chaser  to  have      SEc.  10.  Be  it  farther  enacted,    That  the  purchaser  or 

all  the  franchises,  r  . 

&c-  purchasers  who  may  buy  at  the  sale  which  may  be  made 

either  under  decree  of  Court,  or  by  the  Governor  and 
council,  shall  be  in  like  manner  a  body  corporate,  and  any 
bod}'  corporate  by  this  act  created,  shall  be  such  under 
the  name  and  style  of  the  present  Company,  and  shall 
hold,  use  and  emplo}r  said  railroad,  with  all  its  appurten- 
ances, for  the  residue  of  the  time  yet  unexpired  for  which 
the  present  charter  was  granted  by  the  State,  with  all  the 
franchises,  privileges,  rights  and  immunities  granted  and 
conferred  at  any  time  heretofore  by  the  State,  subject  in 
all  respects  and  in  every  thing  to  all  the  duties,  regula- 
tions and  penalties  required,  prescribed  and  imposed  by 
any  law  or  laws  now  in  force  respecting  the  present  Com- 
pany :  Provided,  That,  the  title  to  no  part  of  said  property 
shall  pass  to  the  said  purchaser,  until  the  payment  of  the 
whole  amount  of  the  purchase  money  ;  and  said  road  shall 
be  deemed  a  common  highway. 

Purchase  money,      Sec.  11.  Be  it  further  enacted,  That  should  any  one  pur- 
sec  urity  for.  J  .       . 

chase  other  than  the  State,  under  the  decree  aforesaid,  it 
shall  be  the  duty  of  the  Governor  for  the  time  being,  to 
take  from  such  purchaser  bond  or  bonds,  with  such  surety 
for  the  payment  of  the  purchase  money,  as  shall  be  deemed 
by  him  to  be  amply  good  and  sufficient. 

Penalty  for  injur-  Sec.  12.  Be  it  farther  enacted,  That  any  person  injuring 
said  railroad,  whether  owned  by  the  State  or  any  other 
purchaser  or  purchasers,  shall  be  subject  to  the  same  ac. 
tions  for  penalties  and  damages  as  are  now  allowed  for 
injuries  to  the  road  ;  and  said  actions  shall  be  sued  and 
prosecuted  in  the  manner  now  prescribed  ;  and  all  such 
acts  as  are  now  offences  against  the  State,  when  done  to 
any  part  of  the  road,  shall  be  offences  when  done  under 
the  same  circumstances,  to  any  part  of  the  road  after  sale, 
and  shall  be  indictable  and  punished  in  like  manner. 


(63) 
Sec.  18.  Be  it  farther  enacted.  That  it  shall  be  the  duty  Pale,  terms  of  and 

J  7  ^    where  to  be  made. 

of  the  commissioner  to  make  the  sale  which  may  be  de- 
creed, at  the  city  of  Raleigh,  and  on  the  following  terms, 
that  is  twenty-five  thousand  dollars  of  the  purchase  money, 
shall  be  paid  on  or  before  six  months  from  the  day  of 
sale,  and  the  residue  of  the  purchase  money  shall  be  di- 
vided into  four  equal  instalments,  to  be  paid  at  intervals 
of  ten  months  ;  the  first  of  said  instalments  to  be  paid  in 
sixteen  months  after  the  day  of  sale,  and  the  whole  pur- 
chase monejr  to  bear  interest  from  the  day  of  sale. 

Sec  14.  And  be  it  further  enacted,  That  the  proceeds  Jos°ecdee0^3  howd:s 
arising  from  the  foreclosure  of  the  mortgage  herein  di- 
rected to  be  made,  shall  be  paid  into  the  Public  Treasury 
and  held  as  a  fund,  subject,  first  to  discharge  all  the  lia- 
bililities  the  State  has  incurred  under  the  act  ratified 
January  twelfth,  one  thousand  eight  hundred  and  forty- 
one,  entitled^  "an  act  to  secure  the  State  against  any  and 
every  liability  incurred  for  the  Raleigh  and  Gaston  Rail- 
road Company,  and  for  the  relief  of  the  same,"  and  the 
surplus,  if  any,  shall  be  retained  in  the  Public  Treasury, 
to  secure  the  State  against  the  liabilities  incurred  under 
the  act  passed  in  one  thousand  eight  hundred  and  thirty- 
eight  and  one  thousand  eight  hundred  and  thirty-nine, 
entitled  '"'an  act  for  the  relief  of  the  Raleigh  and  Gaston 
Railroad  Company." 

Sec.  15.    Be  it  farther  enacted,    That  should  the  said  Measures  in  ca?e 

of  deficiency 

Raleigh  and  Gaston  Railroad  not  sell  for  a  sum  sufficient 
to  discharge  all  the  liabilities  incurred  by  the  State  under 
the  act  of  January,  one  thousand  eight  hundred  and  forty- 
one,  entitled  "an  act  to  secure  the  State  against  any  and 
every  liability  incurred  for  the  Raleigh  and  Gaston  Rail- 
road Company,  and  for  the  relief  of  the  same,"  or  should 
the  Governor  purchase  the  same  an  behalf  of  the  State, 
then  it  shall  be  the  duty  of  the  Governor  to  take  such 
measures,  under  the  acts  of  one  thousand  eight  hundred 
and   thirty-eight   and  one   thousand  eight  hundred  and 


(64) 

thirty-nine,  and  January,  one  thousand  eight  hundred  and 
forty-one,  as  may  in  his  judgment,  best  secure  the  other 
liabilities  of  the  State. 

operations  on  Sec.  16.  And  be  it  further  enacted,    That  when  it  shall 

]••  ad,  when  to  be  ^  1 

stopped.  appear  that  the  proceeds  of  said  road  are  insufficient  to 

keep  said  road  in  repair  and  pay  all  the  expenses  of  run- 
ning the  same,  then  it  shall  be  the  duty  of  the  Governor 
to  stop  all  operations  on  the  road. 
{Ratified  the  6th  day  of  January.  1845.) 

The  following  act  was  ratified  16th  of  January,  1847. 

AN  ACT  TO  ENFORCE  THE  STATE'S  INDEMNITY  AGAINST  LOSS  ON 
ACCOUNT  OF  HER  SURETYSHIP  FOR  THE  RALEIGH  AND  GAS- 
TON RAILROAD  COMPANY. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the 

Treasurer  to  eivg 

notice  and  can  for  State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  authori- 
ty of  the  same,  That  it  shall  be  the  duty  of  the  Public 
Treasurer,  as  soon  as  may  be  practicable  after  the  passage 
of  this  act,  to  give  notice  by  public  advertisement,  in  two 
newspapers  printed  in  the  city  of  Raleigh  for  the  space 
of  one  month,  that  the  real  and  personal  estate  of  the  Ral- 
eigh and  Gaston  Railroad  Company  has  proved  insufficient 
to  discharge  the  debts  of  the  said  company,  in  which  the 
State  of  North  Carolina  was  surety  ;  by  reason  of  which 
large  sums  have  been  paid,  and  remain  to  be  paid  by  the 
State  on  account  of  said  suretyship  ;  and  to  require  all 
persons  who  are  bound  for  the  State's  indemnity  in  the 
premises  either  as  stockholders  under  the  14th  section  of 
the  act  of  1839  for  the  relief  of  the  company  aforesaid,  or 
as  stockholders,  subscribers,  or  substitutes,  by  the  accept- 
ance of  said  company  of  the  provisions  of  the  act  of  1841, 
entitled  "An  act  to  secure  the  State  against  any  and  every 
liability  for  the  Raleigh  and  Gaston  Railroad  Company, 
and  for  the  relief  of  the  same,"  or  by  entering  into  bonds 
under  the  last  mentioned  act  to  make  payment  into  Pub- 


ray 


(65) 

lie  Treasury  within  one  month  from  the  date  of  said  ad- 
vertisements, of  the  sum  or  sums  for  which  they  are 
bound  respectively  in  consequence  of  their  liabilities  in 
any  of  the  modes  before  specified. 

Sec.  2.  Be  it  farther  enacted,  That  in  case  of  failure  or  to"r™§ysuueiieral 
refusal  of  any  of  the  stockholders,  subscribers  or  substi-  ^f^g*  delin" 
tutes  aforesaid  to  make  payment  as  herein  before  required 
then  it  shall  be  the  duty  of  the  Attorney  General  to 
bring  suit  against  any  and  all  of  such  stockholders,  sub- 
scribers or  substitutes,  severally  or  jointly,  in  law  or  in 
equity  as  he  shall  judge  most  expedient,  to  enforce  and 
compel  the  payment  of  the  sum  or  sums  in  which  they 
are  under  obligations  for  the  State's  indemnity  as  before 
stated.  Provided,  that  if  a  Court  of  Equity  shall  be  re- 
sorted to,  it  does  and  shall  possess  jurisdiction  of  suits 
on  the  bonds  aforesaid,  as  well  as  on  the  liability  created 
by  the  acceptance  of  the  benefits  of  the  respective  acts  of 
the  General  Assembly  aforesaid  or  either  of  them. 

Sec.  3.  Be  it  farther  enacted,  That  in  the  event  of  any  sufficient  demand 
such  suit  being  instituted,  the  proof  of  the  advertisement 
directed  in  the  first  section  of  this  act,  shall  be  held  and 
deemed  to  be  a  sufficient  demand  and  notice  to  the  de- 
fendants to  require  him,  her,  or  them  to  make  good  his 
liability  to  the  State,  as  far  as  he  may  be  otherwise 
bound  hi  law  or  equity  in  any  court  in  which  the  same 
may  be  pending. 

Sec.  4.  Beit  farther  enacted,,  That  the  list  of  bonds  in  indemnity  secur- 
the  office  of  the  Public  Treasurer,  to  which  is  appended  ed  the  state' 
the  certificate  of  the  Governor,  that  from  the  best  infor- 
mation he  has  been  able  to  obtain  upon  due  enquiry, 
that  in  his  opinion,  the  obligors  of  said  bonds  were  able 
to  pay  the  amounts  secured  by  said  bonds,  bearing  date 
the  30th  day -of  April,  A.  D.  1841,  shall  be  deemed  and 
taken  to  be  evidence  that  the  full  amount  of  five  hun- 
dred thousand  dollars  was  secured  to  the  State  for  her 
9 


Court,  jurisdic- 
tion of. 


(66) 

indemnity,  according  to  the  proviso  of  the  6th  section  of 
the  act  of  the  12th  day  of  January,  1841,  before  recited. 

Sec.  5.  Be  it  further  enacted,  That  the  Superior  Court 
of  Law  or  Equity  for  Wake  count}7,  at  the  option  of 
the  Attorney  General,  shall  have  and  entertain  jurisdic- 
tion of  any  and  all  suits  instituted  upon  the  subject  mat- 
ter herein  before  stated. 


sums  recovered.  Sec  6.  Be  it  further  enacted,  That  any  and  all  sums  paid 
or  recovered  as  aforesaid,  shall  be  received  into  the  Pub- 
lic Treasury  and  applied  to  the  indemnity  of  the  State, 
to  save  her  harmless  as  far  as  possible,  against  loss  or 
damage  on  account  of  her  suretyship  aforesaid  for  the 
Raleigh  and  Gaston  Railroad  Company. 

Proceeiii Equity.  Sec  7.  Be  it  further  enacted,  That  if  the  Attorney  Gen- 
eral shall  deem  it  advisable  to  proceed  in  a  Court  of 
Equity,  against  the  stockholders  in  said  company,  or 
others  jointly,  it  shall  not  be  the  duty  of  true  clerk  and  mas- 
ter to  issue  a  separate  capias  and  subpcena  to  each  de- 
fendant, but  it  shall  be  his  duty  to  issue  a  subpoena  oiAy 
to  each  defendant  residing  in  the  State,  and  make -publi- 
cation for  six  successive  weeks  in  some  newspaper  pub- 
lished in  the  city  of  Rdeigb,  and  in  one  published  in 
Petersburg  in  the  State  of  Virginia,  notifying  all  the  de- 
fendants to  be  and  appear  before  said  court,  and  make 
their  defences,  and  this  when  done,  shall  be  held  to  be 
sufficient  notice  and  service  on  all  and  each  of  the  de- 
fenders. Provided  however,  That  if  any  of  such  defend- 
ants shall  desire  a  copy  of  the  bill,  it  shall  be  the  duty 
of  the  clerk  and  master  of  said  court  to  furnish  them  at 
the  cost  of  the  applicant. 


Set  off  agaii;st 
State's  Lability. 


Sec.  8.  Be  it  further  enacted,  That  if  any  of  those  liable 
to  the  State  in  any  of  the  forms,  or  on  account  of  either 
or  both  of  said  acts  of  Assembly  or  the  pledges  or  bonds 
given  in  pursuance  thereof,  shall  be  the  owner  or  holder  of 


(67) 

any  of  the  bonds  made  and  endorsed  under  the  provisions 
of  either  of  such  owner  or  holder  of  the  bonds  so  endorsed 
shall  be  deemed  and  held  to  be  a  set  off  against  so  much 
of  the  State's  liability  to  such  bondholder,  and  no  as- 
signment or  transfer  of  such  bond  hereafter  made,  shall 
be  allowed  to  defeat  the  provisions  of  this  section,  nor 
shall  it  be  lawful  for  any  such  transfer  to  be  made  on  the 
books  of  the  Treasurer,  but  in  all  instances  of  application 
to  transfer  any  I  ond  or  bonds  now  owned  by  any  one 
liable  to  the  State  aforesaid,  it  shall  not  be  allowed,  unless 
it  is  made  to  appear  to  the  Treasurer,  that  such  owner 
has  and  owns  other  bonds  not  proposed  to  be  transferred 
equal  in  amount  to  his  liability  to  the  State. 
{Ratified  the  l&h  day  of  January,  1847.) 

The  following  act  was  ratified  18th  of  January.  1847. 

AN  ACT  FOR  THE  PRESERVATION  OF   THE  RALEIGH  AND  GASTON 
RAILROAD. 

Section  1.  Be  it  enacted  by  the   General  Assembly  of  the  Governor  to  ex- 
State  of  North  Carolina  and  it  is   hereby  enacted  bit  the  au-  road  m  repairs 

and  impfQve- 

thority  of  the  same,  That  the  Governor  be,  and  he  is  here-  ments. 
by  authorized  and  required  to  expend  and  lay  out  or  cause 
to  be  laid  out  and  expended,  for  the  repairs  and  improve-  / 
ment  of  the  Raleigh  and  Gaston  Railroad,  the  profits 
arising  from  transportation  and  passengers  on  the  said 
.  road,  or  so  much  thereof  as  may  be  required  to  keep  the 
said  road  in  good  repair  and  improve  its  present  condi- 
tion. 

Sec.  2.  Be  it  further  enacted,  That   this  act  shall  be  in 
force  from  and  after  its  ratification. 
[Ratified  18th  of  January,  1847.] 


(68) 

The  following  act  was  ratified  the   18th  day  of  Janu- 
ary, 1847. 

AN  ACT  TO  PROVIDE  FOR  THE  TRANSFER  OF  THE  BONDS  OF  THE 
RALEIGH  AND  GASTON  RAILROAD  COMPANY,  ENDORSED  BY 
THE  STATE. 

^™  and  manner      Section.  1.  Be  it  enacted  by  the    General  Assembly  of  the 
l)onds-  State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  author- 

ity of  the  same,  That  whenever  any  holder  of  a  bond  of 
the  Raleigh  and  Gaston  Railroad  Company,  issued  by 
virtue  of  the  act  of  the  General  Assembly,  ratified  the 
seventh  day  of  January,  A.  D.  one  thousand  eight  hun- 
dred and  thirty-nine,  entitled  "an  act  for  the  relief  of  the 
Raleigh  and  Gaston  Railroad  Company,"  or  of  the  act 
ratified  the  twelfth  day  of  January,  A.  D.  one  thousand 
eight  hundred  and  forty-one,  entitled  "an  act  to  secure 
the  State  against  any  and  every  liability  incurred  for  the 
Raleigh  and  Gaston  Railroad  Company,  and  for  the  re- 
lief of  the  same,"  and  endorsed  by  the  public  officers,  as 
directed  in  said  act,  so  as  to  bind  the  State  as  surety 
therefor,  shall  have  agreed  to  sell  such  bond  to  any  other 
person,  then  it  sh\ll,  and  may  be  lawful  for  the  Public 
Treasurer,  upon  such  bond  being  surrendered  to,  and 
cancelled  by  him,  to  issue  to  the  purchaser  thereof  a  new 

bond,  in  the  form  described  as  follows,  to  wit :  No. 

dollars,  the  State  of  North  Carolina  promises  to 

pay  to the  sum  of dollars,  with 

interest  thereon,  at  the  rate  of  six  per  centum,  per  annum, 
from  the  date  hereof  until  paid  ;  the  principal  to  be  paid 
on  the  first  day  of  January, ,and  the  interest  pay- 
able semi-annually  on  the  first  Monday  in  July,  and  the 
first  Monday  in  January,  in  each  and  every  year,  after 
the  date  hereof,  at  the  Public  Treasury,  in  lieu  of  a  like 
amount  of  bonds  of  the  Raleigh  and  Gaston  Railroad 
Company,  in  which  the  State  was  surety  under  the  pro- 
visions of  an  act  of  the  General  Assembly,  ratified  the 


(69) 

seventh  day  of  January,  A.  D.  one  thousand  ei^ht  hun- 
dred and  thirty-nine,  or  the  twelfth  day  of  January,  A. 
D.  one  thousand  eight  hundred  and  forty-one,  as  the  case 
may  be,  entitled  <!an  act,  &c,"  (here  reciting  the  bills 
which  have  been  surrendered  up  and  cancelled,  in  con- 
formity with  the  provisions  of  this  act,  (reciting  the 
ratification  and  title  of  this  act:) 

"  In   testimoney  whereof, ,  Public 

Treasurer,  has  hereunto  set  his  hand,  and 

Comptroller  of  Public  Accounts,  hath  attested  these  pres- 
ents, this ■  day  of ,  A.  D. ." 

Sec.  2.  Be  it  farther  enacted,  That  the  new  bonds  al-  Bonds  transfera- 

i  -ii         i  •  i-  11111  pii^ii       ble  at  tfte  Treas- 

lowed  by  this  act  to  be  issued,  shall  be  transferable  at  the  ury,  and  to  be  reg- 

Public  Treasury  by   the  holders  of  the  same,  or  by  his 

agent  or  attorney,  in  a  book  to  be  kept  for  that  purpose ; 

and  all  bonds  issued  by  virtue  either  of  the  first  or  second 

section  of  this  act,  shall  be  duly  registered  by  the  Public 

Treasurer. 

Sec.  3.  Be  it  further  enacted,  That  the  faith  of  the  State,  Faith  of  the  state 
shall  be-and  is  hereby  pledged  to  the  holders  of  the  bonds 
issued  under  this  act,  for  the  payment  as  fully,  to  all  in- 
tents and    purposes,   as  it  now  is  for  the  bonds  of  the 
Raleigh  and  Gaston  Railroad  Company  aforesaid. 

Sec.  4.  Be  it  farther  enacted,    That  this  act  shall  be  in 
force  from  and  after  its  ratification. 
[Ratified  ISth  of  January,  1847.] 

The  following  Resolutions  were  ratified  27th  January, 
1849 : 

RESOLUTIONS  ON  THE  SUBJECT  OP   THE    RALEIGH    AND    GAS- 
TON RAILROAD. 

1.  Resolved,  That  the  Public  Treasurer  be,  and  he  is  S2i,H8  approprta- 

tep. 


Treasurer  may 
borrow. 


(70) 

hereby  directed  to  pay  the  commissioners  appointed  by 
law  to  manage  the  Raleigh  and  Gaston  Railroad,  the  sum 
of  twenty-one  thousand  one  hundred  and  forty-eight  dol- 
lars, to  be  applied  under  their  authority. to  the  payment 
of  certain  debts  contracted  on  account  of  said  railroad, 
and  reported  to  be  due  by  the  President  of  the  road,  in 
his  report  to  the  said  Board  of  Commissioners,  dated  first 
November,  one  thousand  eight  hundred  and  forty-eight, 
and  for  the  repair  of  an  engine  now  in  Petresburg,  when- 
ever the  said  Board  of  Commissioners  shall  satisfy  them- 
selves tint  the  said  deb's  are  justly  due,  and  the  said 
Board  of  Commissioners  are  hereby  directed  to  report  to 
the  next  General  Assembly  the  names  of  the  persons  to 
whom  the  said  sum  has  been  paid  and  the  amount  due 
to  each. 

2.  Resolved,  That  if  the  present  condition  of  the 
Treasury  does  not  enable  the  Public  Treasurer  to  pay  the 
sum  before  mentioned,  he  is  hereby  authorized  to  borrow 
the  same  of  either  of  the  banks  of  this  State,  at  a  rate  of 
interest  not  exceeding  six  per  cent,  per  annum,  which 
sum  so  borrowed  he  is  directed  to  repay  whenever  the 
Public  Treasur\T  shall  enable  him  to  accomplish  the 
same. 


Not  to  run  at 
State's  exr  ense. 


3.  Resolved  farther,  That  the  Raleigh  and  Gaston  Rail- 
road shall  not  be  further  run  at  the  expense  of  the  State. 

(Ratified  27th  day  of  January,  1849.) 


The  following  Act  was  ratified  27th  January,  1849  : 
Such  sections  only  are  given  as  affect  the  Raleigh  and 
Gaston  Railroad  Company: 


(71) 

AN    ACT    TO    INCORPORATE    THE    NORTH     CAROLINA    RAILROAD 

COMPANY. 

Section  45.  Be  it  enacted,  That  for  the  purpose  of  put- 
ting the  Raleigh  and  Gaston  Railroad  in  good  and  com- 
plete order  for  the  profitable  transportation  of  personsand 
produce,  and  for  the  further  purpose  of  reviving  the  late 
Raleigh  and  Gaston  Railroad  Company,  Rhodes  N. 
Herndon,  Thomas  Miller,  John  S.  Eaton  of  Granville 
county;  William  J.  Hawkins,  Weldon  N.  Edwards, 
George  D.  Baskerville  of  Warren  county,  George  W. 
Mordecai,  Richard  Smith,  W.  W.  Holden,of  Wake  county 
John  D.  Hawkins,  Sr.,  Allen  C.  Perr}',  John  D.  Hawkins, 
Jr.,  of  Franklin  county  ;  and  the  late  stockholders  of 
and  obligors  for  the  Raleigh  and  Gaston    Railroad  Com-  Raleigh  and  Gas- 

&  fo  ton  Road. 

pany,  or  any  part  of  them,  and  such  other  persons  and 
corporations  as  may  associate  with  them,  are  hereby 
created  a  body  politic  and  corporate,  by  the  name  and 
style  of  the  Raleigh  and  Gaston  Railroad  Company,  and 
by  that  name  shall  be  able  to  sue  and  be  sued,  and  shall 
have,  possess  and  enjoy  all  the  rights,  franchises,  powers, 
and  privileges,  vested  in  and  granted  to  the  Raleigh  and 
Gaston  Railroad  Company,  by  an  act  entitled  "  An  act 
to  incorporate  the  Raleigh  and  Gaston  Railroad  Com- 
pany," passed  by  the  General  Assembly  of  this  State,  on 
the day  of and  shall  be  subject  to  all  the  re- 
straints, limitations,  restrictions  and  liabilities  imposed 
by  the  said  act,  and  all  the  other  provisions  of  the  said 
act, so  far  as  the  same  remain  to  be  executed,  are  hereby 
declared  to  be  in  full  force  and  effect,  upon  the  following 
terms  and  conditions  nevertheless. 

Sec.  46.  Be  it  enacted,  That  whenever  the  said  persons,  cou<i;ti.  n 
.and  their  associates  named  in  the  foregoing  section,  shall 
have  subscribed  the  sum  of  five  hundred  thousand  dol- 
lars for  the  purposes  aforesaid,  and  shall  have  expended 
the  same  in  putting  the  Raleigh  and  Gaston  Railroad  in 
full  and  complete  order  with  heavy  T    rail  iron,  or  other 


(72) 

iron  equally  good,  not  weighing  less  than  fifty  pounds  to 
the  yard,  then  one-half  of  the  said  railroad  with  all  the 
machine  shops,  depots,  water  stations,  engines,  coaches, 
cars  and  every  other  property  appertaining  to  the  said 
railroad,  shall  be  sold  conveyed  and  transferred  to  the 
said  subscribers,  their  heirs  and  assigns,  by  the  Governor 
under  the  great  seal  of  the  State  ;  and  the  said  late  stock- 
holders and  obligors  of  the  said  Raleigh  and  Gaston  Rail- 
road Company,  shall  be  and  are  hereby  declared  to  be 
forever  released  and  discharged  from  all  liability  to  the 
State,  for  and  on  account  of  the  said  Raleigh  and  Gaston 
Railroad  Company,  upon  the  payment  of  costs  incurred 
and  the  Governor  is  hereby  authorized,  and  it  is  declared 
to  be  his  duty  to  suspend  the  further  prosecution  of  suit 
brought  by  the  State  against  the  said  stockholders  and 
obligors,  until  it  can  be  ascertained  whether  the  said  sub- 
scribers are  willing  to  accept  the  conditions  of  this  act, 
and  that  they  shall  be  allowed  two  years  from  the  pas- 
sage of  this  act  to  mxke  known  their  determination  to 
the  Governor,  and  if  the  terms  and  conditions  of  this 
act,  shall  be  accepted  and  the  work  commenced  within 
two  years,  and  finished  within  three  years  from  the  rati- 
fication of  this  act,  then  this  act  shall  continue  and  be  in 
full  force  for  ninety  years  and  no  longer. 

May  mortgage.  Sec.  47.  Be  it  f lather  enacted,  That  if  the  conditions  of 

this  act  are  accepted,  and  the  sum  of  five  hundred  thous- 
and dollars  shall  have  been  subscribsd  by  solvent  sub- 
scribers, to  be  judged  of  by  the  Governor  and  Attorney 
General,  then  and  in  that  case,  the  said  subscribers  sh  ill 
have  lawful  authority  to  mortgage  one-half  of  the  said 
Railroad,  to  enable  them  to  obtain  the  necessary  credit  to 
purchase  a  part  of  the  iron  which  will  be  needed  for  said 
road. 

if  terms  not  ac-  Sec.  48.  Be  it  further  enacted.  That  if  the  sail  subscri- 
bers shall  refuse  or  neglect  to  accept  the  terms  and  con- 
ditions of  this  act,  then  all  the  benefits  of  the  same  shall 


be  granted  to  Thomas  F.  Wyatt,  John  Campbell,  Thomas 
P.  Devereux,  Andrew  Joyner,  Weldon  N.  Edwards, 
George  D.  Baskerville  and  Alexander  Hawkins,  and  such 
other  persons  as  may  associate  with  them,  who  sh  all  ac 
cept  and  comply  with  all  the  terms  and  conditions  of  the 
same,  and  they  and  their  successors  are  hereby  incorpo- 
rated into  a  company  by  the  name  and  style  of  the 
Raleigh  and  Gaston  Railroad  Company,  and  by  that 
name  shall  have  lawful  authority  to  sue  and  be  sued,  to 
hold,  possess  and  enjoy  all  the  rights,  franchises,  powers 
and  privileges  granted  by  this  act  and  shall  be  subject  to 
all  the  restraints,  limitations,  restrictions  and  liabilities 
imposed  by  the  same. 

Sec.  49.  Be  it  enacted,  That  whenever  the  Roanoke 
Railroad  Company,  or  the  Seaboard  and  Roanoke  Rail- 
road Company,  with  or  without  the  aid  of  individuals 
shall  subscribe  to  the  Raleigh  and  Gaston  Railroad  Com- 
pany one-half  of  the  sum  necessary  to  construct  a  rail- 
road from  some  convenient  point  on  the  Raleigh  and 
Gaston  Railroad,  near  the  Littleton  Depot,  or  any  point 
between  that  depot  and  Roanoke  river,  and  the  town  of 
Weldon,  or  any  point  in  the  neighborhood  thereof,  so  as 
to  connect  with  the  Wilmington  and  Raleigh  Railroad, 
and  shall  expend  the  said  sum  in  forming  the  said  con- 
nection, then  the  said  Raleigh  and  Gaston  Railroad  shall  . 
be  extended  to  the  said  town  of  Weldon  or  neighborhood 
thereof ;  and  the  Public  Treasurer  is  hereby  authorised  state  subscription 

,-,.,,,  ,         .,      j,  ,  p  ,  .  ',        for  connecting 

and  directed  to  subscribe  for  an  equal  sum  lor  and  in  be-  with  other  road, 
half  of  the  State,  and  pay  for  such  subscription  out  of  any 
money  in  the  Treasury  not  otherwise  appropriated  ;  and 
for  the  want  of  such  money  in  the  Treasury  the  Public 
Treasurer  is  hereby  authorised  to  borrow  the  sum  at  a 
rate  of  interest  not  exceeding  six  per  cent,  per  annum, 
and  to  issue  bonds  payable  at  any  time  within  ten  years 
for  not  less  than  five  hundred  dollars  each. 

Sec.  50.  And  be  it  further  enacted,  That  one  of  the  con-  Power  oi  Assem- 
ditions  of  this  charter  is  that  this  General  Assembly  shall  bly- 
10 


Junction. 


(74) 

have  power  and  authority  at  any  future  session  to  estab- 
lish, regulate  and  control  the  intercourse  between  the 
North  Carolina  Railroad  and  the  Raleigh  and  Gaston 
Railroad,  so  as  best  to  secure  to  the  public  an  easy  and 
convenient  passage  of  persons  and  property. 

Sec.  52.  Be  it  further  enacted,  That  as  soon  as  the  said 
North  Carolina  Railroad  is  commenced,  and  the  super- 
structure of  the  same  laid  down  at  Raleigh,  the  owners, 
proprietors  and  authorities  of  the  Raleigh  and  Gaston 
Railroad  shall  be,  and  they  are  hereby  authorised  and 
empowered  to  effect  a  junction  and  form  an  actual  con- 
nection with  the  said  North  Carolina  Railroad,  at  such 
point  at  or  in  the  vicinity  of  Raleigh,  as  they  in  their  dis- 
cretion may  select. 

(Ratified  27th  day  of  January,  1849.) 

The  following  Resolution  was  ratified  29th  January, 
1849: 

RESOLUTION   TO   PROTECT  THE  INTEREST  OF  THE  STATE  IN  THE 
RALEIGH  AND  GASTON  RAILROAD. 

Appropriation  for      Resolved,  That  the  sum  of  fifteen  thousand  dollars  be 
Iro""  appropriated  for  furnishing  iron  for  repairing  the  Raleigh 

and  Gaston  Railroad,  to  be  expended  under  the  direction 
of  the  commissioners  of  said  road ;  and  that  the  Treas- 
urer advance  the  same  out  of  any  money  in  the  Treasury 
not  otherwise  appropriated,  and  that  he  be  allowed  the 
same  in  the  settlement  of  his  accounts. 


Stockholders  to 
pay. 


Resolved  further,  That  the  aforesaid  sum  of  fifteen  thous- 
and dollars  shall  be  paid  by  the  stockholders  of  the  said 
Company,  should  they  accept  the  terms  as  proposed  in 
the  act  for  the  revival  of  the  Raleigh  and  Gaston  Rail- 
road passed  at  the  present  session  of  the  General  Assem- 
bly, entitled  "an  act  to  incorporate  the  North  Carolina 
Railroad  Company. 


C?5) 

Be  it  further  resolved,  That  this  resolution  shall  be  in 
force  from  and  after  its  ratification. 
{Ratified  29th  day  of  January,  1849.) 

The  following  Resolution  was  ratified  28th  January, 
1851: 

RESOLUTION  AUTHORIZING  REPAIRS  OF  THE  RALEIGH  AND  GAS- 
TON  RAILROAD. 

Resolved,  That  the  President  and  Commissioners  of  the  Purchase  of  250 

7  tons  of  iron  on 

Raleigh  and  Gaston  Railroad  be  authorized  to  anticipate  time- 
the  usual  receipts  of  said  road  by  the  purchase  on  time 
of  two  hundred  and  fifty  tons  of  iron  for  the  purpose  of 
repairing  said  road,  and  that  they  be  authorized  to  pledge 
the  receipts  of  said  road  for  the  payment  of  said  debt ; 
and  the  said  iron,  when  the  charter  shall  be  accepted  by 
the  stockholders  under  the  charter  granted  by  this  pres- 
ent General  Assembly,  shall  be  sold  for  the  benefit  of  the 
State. 

Provided,  That  the  State  shall  not  in    any    manner  or  state  not  liable  for 

'  J  purchase  money. 

in  any  event,  be  held  responsible  or  liable  for  the  pur- 
chase money  which  may  be  due  for  said  two  hundred 
and  fifty  tons  of  iron. 

[Ratified  the  28th  day  of  January,  1851.] 

The  following  Act  was  ratified  29th  January,  1851 : 

AN  ACT  TO  INCORPORATE  THE  RALEIGH  AND   GASTON   RAILROAD 

COMPANY. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  commissioners  to 
State  of  North  Carolina  and  it  is  hereby  enacted  by  the  author-  subscriptions. 
iiy  of  the  same,  That  Duncan  Cameron,  Richard  Smith, 
William  Boylan,  George  W.  Mordecai,  E.  P.  Guion,  C.  L. 
Hinton,  W.  W.  Holden,  W.  J.  Clark  of  Raleigh  ;  John 
D.  Hawkins,  William  F  Hilliard,  John  D  Hawkins,  Jr., 
Isaac  PI.  Davis  and  James  J.  Thomas  of  Franklin  county  ; 


(76) 

Rhodes  Herndon,  R.  B.  Gilliam,  R  Kingsbury,  T.  B. 
Venable  of  Oxford  ;  John  H.  Eaton,  of  Henderson  ;  G.  D. 
Baskerville,  H.  L.  Plummer,  John  Somerville,  H.  G. 
Goodloe,  B.  E.  Cook.  Thomas  Paschal,  Samuel  Philips, 
Thomas  E.  Wilson,  ¥m.  J.  Hawkins,  John  I).  Fain  and 
Nat  T.  Green  of  Warren  county  ;  Cad  Jones,  Sr.,  Edmund 
Strudwick,  Jno.  W.  Norwood,  Osmund  Long,  Josiah 
Turner,  Sr.,  John  U.  Kifland,  of  Orange  county ;  and 
such  other  persons  as  may  associate  with  them,  their 
heirs  and  assigns,  shall  be  and  they  are  hereby  incorpo- 
rated into  a  company  by  the  name  and  style  of  the 
Raleigh  and  Gaston  Railroad  Company, separate  and  dis- 
tinct, and  wholly  unconnected  with  the  company  lately 
corporate  powers,  existing  by  the  same  name,  and  by  that  name  shall 
be  capable  in  law  of  purchasing,  holding,  selling  and 
conveying  estates,  real,  personal  and  mixed,  so  far  as  shall 
be  necessary  for  the  purposes  hereinafter  mentioned,  and 
no  further,  and  shall  have  perpetual  succession,  and  by 
said  corporate  name  may  sue  and  be  sued,  may  have  and 
use  a  common  seal ;  and  shall  have  and  enjoy,  and  exer- 
cise all  the  rights,  powers  and  privileges  which  other 
corporate  bodies  may  lawfully  do.  for  the  purposes  men- 
tioned in  this  act ;  and  may,  from  time  to  time,  make  all 
such  by-laws,  rules  and  regulations  not  inconsistent  with 
the  constitution  and  laws  of  this  State,  as  shall  be  neces- 
sary for  the  well  ordering  and  conducting  the  affairs  of 
the  Company  upon  the  following  fundamental  terms  and 
conditions  nevertheless,  viz: 

Amount  of  capital  Sec.  2.  That  the  capital  stock  of  the  said  Companj- 
buiidiug  road.  *  '  shall  be  eight  hundred  thousand  dollars,  the  money  part 
of  which  shall  be  used  for  the  purpose  of  rebuilding  the 
road,  now  the  property  of  the  State,  and  known  as  the 
Raleigh  and  Gaston  Railroad,  with  a  T  iron  rail,  or  iron 
of  other  form  equally  good,  weighing  not  less  than  fifty 
pounds  to  the  lineal  yard,  and  other  suitable  materials, 
and  to  properly  stock  and  equip  the  same  wTith  necessary 
engines  and   cars  to  do  the  transportation  thereon  ;  that 


(77) 

the  present  Railroad,  known  as  the  Raleigh  and  Gaston 
Railroad,  with  all  its  machine  shops,  implements,  ware- 
houses, depots,  water  stations,  engines  and  cars,  and  every 
other  description  of  property  appertaining  to  the  same, 
shall  form  a  part  of  the  capital  stock  of  the  said  Company 
to  the  amount  of  tour  hundred  thousand  dollars,  which 
amount  shall  be  owned  by  the  State  of  North  Carolina  in 
the  said  Company ;  that  solvent  individuals  shall  sub- 
scribe for  the  remaining  four  hundred  thousand  dollars 
of  the  capital  stock  of  the  said  Company,  and  after  having 
so  subscribed  and  paid  the  sum  of  four  hundred  thousand 
dollars  towards  the  reconstruction  of  said  road  and  in  re- 
fitting the  same  for  public  use,  then  the  said  subscribers 
and  their  successors  shall  be  entitled  to  receive  and  hold 
one  half  of  the  interest  in  the  Raleigh  and  Gaston  Rail- 
road Company  as  is  by  this  act  incorporated. 

Sec.  3.  Be  it  enacted,  That  it  shall  be  lawful  for  the  per-  Time,  &c,  of 
sons  mentioned  in  the  first  section  ot  this  act  or  any  three 
of  them,  to  open  books  under  their  own  management,  or 
the  direction  of  such  other  persons  as  they  may  select,  and 
at  such  times  and  places  as  they  may  think  proper  for  the 
purpose  of  receiving  subscriptions  to  the  capital  stock  of 
the  said  Company  to  the  amount  of  four  hundred  thousand 
dollars  in  shares  of  one  hundred  dollars  each.  The  times 
and  places  for  receiving  subscriptions  shall  be  advertised 
in  one  or  more  newspapers  in  the  State  and  the  books 
shall  be  kept  open  for  ninety  days.  At  the  expiration  of 
that  time  all  the  books  of  subscription  shall  be  returned 
to  the  individuals  first  named  at  Raleigh  ;  and  if  it  shall 
appear  that  four  hundred  thousand  dollars  shall  have 
been  subscribed  to  the  capital  stock  of  said  Company  by 
solvent  subscribers  then  the  bopks  shall  be  closed,  and  if 
more  than  four  hundred  thousand  dollars  shall  have  been 
subscribed  the  same  shall  be  reduced  to  that  sum  in  fair 
and  equal  proportions,  to  the  number  of  shares  subscribed 
for  by  each  stockholder.  Preference  shall  be  given  to  the 
stockholders  and  obligors  of  the  late  Raleigh  and  Gaston 


opening  books. 


(78) 

Preference,  &c.  Railroad  Compaq  during  the  first  ninety  days  in  which 
books  are  to  be  kept  open  to  subscribe  all  or  any  part  of 
the  said  capital  stock  of  the  said  company,  and  if  upon 
the  return  of  the  said  books  the  said  sum  of  four  hundred 
thousand  dollars  shall  not  have  been  subscribed  then 
said  books  shall  be  re-opened  for  ninety  days,  at  such 
time  and  places  and  under  the  direction  of  such  commis- 
missioners  as  any  three  of  the  persons  named  in  the  first 
section  of  this  act  shall  designate,  and  if  the  capital  stock 
aforesaid,  shall  not  have  been  subscribed  at  the  expiration 
of  the  said  ninety  days,  it  shall  be  lawful  to  re-open  said 
books  and  keep  them  open  until  the  first  of  October  next. 


stockholders,  &c, 
to  subscribe 


ltockhoiders!0&c..  Sec-  4-  Se  il  farther  enacted,  That  as  as  an  inducement 
to  the  stockholders  and  all  such  persons  as  may  have  be- 
come bound  to  indemnify  the  State  against  loss  by  reason 
of  the  loans  made  to  the  Raleigh  and  Gaston  Railroad 
Company  and  guaranteed  by  the  State  according  to  the 
provisions  of  the  several  acts  of  Assembly  passed  in  the 
years  one  thousand  eight  hundred  and  thirty-eight  and 
one  thousand  eight  hundred  and  forty,  to  subscribe  for 
stock  in  the  company  hereby  incorporated;  that  whenever 
the  sum  of  four  hundred  thousand  dollars  shall  have 
been  thus  subscribed,  and  shall  have  been  paid  and  ex- 
pended by  said  company  in  putting  the  Raleigh  and  Gas- 
ton Railroad  in  full  and  complete  order,  then  the  said 
stockholders  and  obligors  shall  be  forever  discharged 
from  their  liability  to  the  State  by  reason  of  the  loans 
and  guarantees  aforesaid,  and  the  Governor  is  hereby  au- 
thorized to  cause  the  suits  now  pending  in  Wake  Super- 
ior Court  against  said  persons  to  be  suspended  until  such 
time  as  he  may  be  fully  satisfied  that  the  sum  of  four 
hundred  thousand  dollars  has  been  subscribed  and  paid 
to  said  company,  whereupon,  the  said  suits  are  to  be  dis- 
missed at  the  costs  of  defendents.  Provided,  that  the 
work  be  commenced  within  one  year,  and  completed 
within  three  years  from  and  after  the  ratification  of  this 
act. 


(79) 

Sec.  5.  Be  it  further  enacted,  That  it  shall  be  lawful 
for  the  executor  or  administrator  of  any  deceased  person, 
who  became  bound  in  their  life  time  to  indemnify  the 
State  of  North  Carolina  against  loss  by  reason  of  loans 
made  to  the  Raleigh  and  Gaston  Railroad  Company,  and 
guaranteed  by  the  State  according  to  the  provisions  of 
the  several  acts  of  Assembly,  passed  in  eighteen  hun- 
dred and  thirty-eight  and  eighteen  hundred  and  forty, 
to  subscribe  for  any  amount  of  stock  in  the  company 
hereby  incorporated,  not  exceeding  the  amount  of  said  Executor  or  ad- 
deceased  person's  liability  to  the  State ;  and  such  sub-  subscribe01  may 
scriptions  shall  bind  the  estate  of  the  testator  or  intestate, 
and  the  heirs,  devisees,  legatees  or  next  of  kin,  as  the 
case  may  be,  shall  not  charge  the  personal  representative 
aforesaid  as  for  a  devastavit  or  otherwise ;  and  in  case  the 
said  heirs,  devisees,  legatees,  or  next  of  kin,  shall  attempt 
so  to  do,  then  no  part  of  the  provisions  of  this  act  for  re- 
leasing the  sureties  to  the  State  as  aforesaid  shall  enure 
to  the  benefit,  relief  or  discharge  of  the  testator  or  intes- 
tate or  his  property  and  estate,  whose  heir,  devisee,  legatee, 
or  next  of  kin,  shall  object  to  the  subscription  for  stock  by 
such  executor  or  administrator,  but  the  said  testator  or 
intestate  and  his  property  and  estate  shall  remain  liable 
as  now  they  are  or  may  be,  in  all  respects,  as  if  this  act 
had  not  been  passed. 

Sec.  6.  Be  it  farther  enacted,  That  where  the  property  Guardian  may 
and  estate  of  any  infant  under  twenty-one  years  of  age, 
shall  be  liable  to  the  demands  of  the  State  on  account  of 
the  loan  and  'guaranty  in  the  preceding  sections  men- 
tioned, it  shall  be  lawful  for  the  guardian  of  such  infant 
to  subscribe  in  behalf  of  his  ward  for  stock  in  the  com- 
pany hereby  incorporated  to  an  amount  not  exceeding 
the  sum  for  which  the  property  and  estate  of  such  ward 
is  or  would  be  liable  to  the  State  as  aforesaid  ;  and  in  case 
the  said  ward  should  attempt  to  make  his  guardian  liable 
to  account  to  him  or  her  for  anything  more  than  the 
stock  so  subscribed  and  paid   by  his  guardian,   then  no 


(80) 

part  of  the  provisions  of  this  act  for  releasing  the  sureties 
to  the  State  as  aforesaid  shall  enure  to  the  benefit,  dis- 
charge or  relief  of  the  said  infants  property  and  estate, 
but  the  same  shall  remain  bound  as  it  now  is  or  may  be, 
in  all  respects,  as  if  this  act  had  not  been  passed. 

Duty  in  war.  gEC#  y_  j$e  it  further  enacted,  That  in  case  of  a  domestic 

invasion  or  insurrection  the  said  company  shall  trans- 
port the  troops  and  munitions  of  war  of  the  State  of  North 
Carolina  free  of  charge. 

Eoad,  &c .  in  Sec.  8.  Be  it  enacted,  That  the  said  railroad  and  all  en- 

whom  vested.  •      .    .  , 

Y°tes.  gines,  cars  and  vehicles,  and  all  the  works  of  said  com- 

pany, together  with  all  profits  which  shall  accrue  from 
the  same,  shall  be  vested  in  the  said  company,  one-half 
thereof  to  the  use  and  benefit  of  the  State  and  the  other 
half  to  the  use  and  benefit  of  the  individual  stockholders 
and  the  same  shall  be  deemed  and  held  to  be  personal 
estate,  and  shall  be  exempt  from  any  public  charge  or 
tax  whatsoever  for  the  term  of  fifteen  years,  and  thereafter 
the  Legislature  may  impose  a  tax  not  exceeding  twenty- 
five  cents  per  annum  on  each  share  of  the  capital  stock 
held  by  individuals,  whenever  the  annual  profits  shall 
exceed  eight  per  cent. 

No  preference.  &c.  Sec.  9.  Be  it  enacted,  That  the  said  company  shall  give 
no  undue  preference  to  the  property  of  one  person  over 
that  of  another,  but  as  far  as  practicable,  shall  transport 
each  in  the  order  of  time  in  which  it  shall  be  delivered  or 
offered  for  transportation,  the  tolls  thereon  being  first 
paid  or  tendered.  And  it  shall  be  lawful  for  them  to 
charge  for  the  transportation  of  persons,  goods,  produce 
and  merchandise,  and  for  the  mail,  any  sum  not  exceed- 
ing the  following  rates :  On  persons  not  exceeding  six 
cents  per  mile  for  each  person,  unless  the  distance  which 
any  person  may  be   transported  should  be  less  than  ten 

Toils.  miles,  in  which  case  an-  extra  charge   of  fifty   cents  may 

be  made  for  taking  up  and   putting  down   such   person, 


(81) 

for  the  transportation  of  produce,  goods,  wares,  merchan- 
dise and  other  articles,  not  exceeding  an  average  of 
eight  Cents  per  ton  per  mile,  and  for  the  transportation  of 
the  mail,  such  sum  as  may  be  agreed  upon,  between  the 
company  and  the  Post-office  Department  of  the  United 
States. 

Sec.  10.  Be  it  enacted,  That  in  all  general  meetings  of  votes. 
the  said  Company,  each  stockholder  shall  be  entitled  to 
give  one  vote  for  each  share  not  exceeding  ten  shares, 
and  one  vote  for  every  three  shares  above  ten  shares;  and 
it  shall  be  lawful  for  the  Board  of  Internal  Improvement 
to  appoint  some  suitable  person  to  represent  the  interest 
of  the  State  in  all  such  meetings,  who  shall  have  a  right 
to  vote  on  all  questions  coming  before  them,  except  in 
the  election  of  the  Directors  to  be  appointed  by  the  indi- 
vidual stockholders. 

Sec.  11.  Be  it  further  enacted,  That  an  annual  meeting  General  meetings. 
of  the  subscribers  to  the  stock  of  the  said  Company  shall 
be  held  at  such  time  "and  place,  in  each  year,  as  the 
stockholders,  at  their  first  general  or  at  any  subsequent 
meeting,  may  appoint;  to  constitute  which,  or  any  gen- 
eral meeting  called  by  the  President  and  Directors,  ac- 
cording to  the  provisions  of  this  act,  the  presence  of  pro- 
prietors entitled  to  a  majority  of  all  the  votes  which  could 
be  given  by  all  the  stockholders,  shall  be  necessary  either 
in  person  or  by  proxy  properly  authorized  ;  and  if  a  suf- 
ficient number  do  not  attend  on  that  day,  or  any  day  ap- 
pointed for  a  general  meeting  called  by  the  Directors 
aforesaid,  the  proprietors  who  do  attend  may  adjourn 
from  time  to  time  until  such  general  meeting  shall  be 
had. 

Sec.  12.  Be  it  farther  enacted,  That  the  President  and  Accounts  to  be 
Directors  shall  render  distinct  accounts  of  their  proceed- 
ings and  disbursements  of  moi.ey  to  the  annual  meeting 
of  the  stockholders. 
11 


(82) 
certificates  of  Sec.  13.  Be  it  further  enacted,  That  the  President  and 

stock.  '  ._-        _     . 

Directors  shall  cause  to  be  printed  certificates  of  the 
shares  of  the  stock  in  the  said  Company,  and  shall  deliver 
one  such  certificate,  signed  by  the  President  and  counter- 
signed by  the  Treasurer,  to  each  person  for  the  number 
of  shares  subscribed  by  him,  which  certificate  shall  be 
transferable  by  him,  subject,  however,  to  all  payments 
due  or  to  become  due  thereon  ;  and  such  assignee,  having 
first  caused  the  transfer  or  assignment  to  be  entered  in  a 
book  of  the  Company,  to  be  kept  for  the  purpose,  shall 
thenceforth  become  a  member  of  the  Company  aforesaid, 
and  shall  be  liable  to  pay  all  sums  due  or  to  become  due 
upon  the  stock  assigned  him  :  Provided  however,  That 
such  assignment  shall  in  no  wise  exempt  the  assignor  or 
his  representative  from  their  liability  to  the  said  Com- 
pany for  the  payment  of  all  such  sums,  if  the  assignee  or 
his  representative  shall  be  unable  or  fail  to  pay  the 
same. 

eiw'cr  vitiation      ^EC<  ^-  Be  M  further  enacted,    That  when  the  General 
of-  Assembly  may  be  of  opinion   that  the  charter  hereby 

granted  shall  have  been  violated  it  may  be  lawful  by 
joint  resolution  of  the  two  Houses,  to  direct  the  Attorney 
General  with  such  assistant  counsel  as  the  Governor  or 
Legislature  may  think  proper  to  engage,  to  issue  a  writ 
of  scire  facias,  returnable  before  the  Judges  of  the  Supreme 
Court,  calling  upon  the  said  corporation  to  show  cause 
why  their  charter  shall  not  be  forfeited,  subject  to  the 
same  proceedings  as  are  now  prescribed  by  law  in  case  of 
other  corporations.  Their  books  shall  at  all  times  be 
open  to  the  inspection  of  a  committee  of  the  General  As- 
sembly appointed  for  that  purpose  ;  and  the  President  of 
said  Company  shall  biennially  make  a  report  to  the 
Legislature,  on  or  before  the  third  week  of  their  session, 
of  their  receipts  and  expenditures,  and  of  such  other  of 
their  proceedings  as  he  shall  deem  proper. 


Crossing  roads. 


Sec.  15.  Be  it  farther  enacted,  That  any  Railroad  which 
may   hereafter  be  constructed  by  the  State,  or  by  any 


(88) 

company  incorporated  by  the  Legislature,  shall  be  at  lib- 
erty to  cross  the  road  hereby  allowed  to  be  constructed 
upon  a  level  or- otherwise,  as  may  be  advantageous,  pro- 
vided the  free  passage  of  the  Raleigh  and  Gaston  Rail- 
road is  not  thereby  obstructed. 

Sec.  16.  Be  it  further  enacted,   That  whenever  the  rail-  Depots  at  inter- 

'  '  _       sectiors. 

road  shall  be  so  crossed  or  approached  by  any  other  rail- 
road incorporated  by  this  State,  the  said  Raleigh  and 
G-aston  Railroad  Company  may  erect  a  depot  at  or  near 
the  point  of  intersection,  where  they  may  receive  and  de- 
liver passengers  and  freight  and  take  therefor  the  same 
rates  of  compensation,  and  be  subject  to  the  same  regula- 
tions as  at  other  depots,  and  should  they  fail  or  refuse 
to  erect  such  depots,  the  State  or  Company  owing  such 
intersecting  road  may  erect  one,  and  the  Company  here- 
by incorporated  shall  receive  and  deliver  passengers  and 
freight  at  such  depot,  under  the  same  regulations  as  afore- 
said, unless  the  same  shall  be  rendered  impracticable  by 
the  situation  of  the  railroad  at  that  place. 

Sec.  17.  Be  it  further  enacted,  That  the  profits  of  the  said  Dividends. 
Company  shall  be  divided  annually  or  semi-annually,  at 
the  pleasure  of  the  said  Company,  one-half  thereof  to  the 
State  of  North  Carolina,  to  be  paid  to  the  Public  Treas- 
urer of  the  State,  and  the  ether  half  among  the  individual 
stockholders. 

Sec.  18.  Be  it  further  enacted,  That  it  shall  be  lawful  for  n-on  may  be  sold, 
the  said  President  and  Directors  to  sell  the  iron  on  the 
Raleigh   and  Gaston  Railroad,  and  apply  the  proceeds 
thereof  to  the  reconstruction  of  said  road. 

Sec.  19.  Be  it  further  enacted,  That  if  by  the  first  day  of  circumstances 

"L  J         .  J  under  which  Gov- 

October  next  a  Company  shall  not  be  organized  accord-  ernor  may  sen  the 
ing  to  the  terms  of  the  foregoing  act,  it  shall  be  the  duty 
of  the  Governor,  and  he  is  hereby  required  so  to  do,  to 
cause  all  operations  on  the  said  Raleigh  and  Gaston  Rail- 


(84) 

road  to  cease,  and  to  discharge  all  the  persons  employed, 
except  so  many  as  in  the  opinion  of  the  Governor  may 
be  necessary  to  take  care  of  the  public  property,  and  to 
advertise  said  road  and  the  appurtenances  for  sale  in  two 
papers  in  the  town  of  Raleigh,  one  in  Petersburg,  Rich- 
mond, Philadelphia,  New  York  and  Boston.  The  said 
sales  to  be  upon  the  following  terms  and  conditions,  viz: 
any  company  of  individuals  who  will  contract  with  good 
and  sufficient  security  to  put  said  road  in  good  order 
with  a  T  iron  rail  or  iron  of  other  form  equally  good, 
weighing  not  less  than  fifty  pounds  to  the  lineal  yard 
and  to  properly  stock  and  equip  the  same  with  the  neces- 
sary engines  and  cars  to  do  the  transportation  thereon, 
shall  be  incorporated  as  a  body  corporate,  with  all  the 
rights  and  privileges  thereunto  belonging,  under  the  style 
and  designation  of  the  Gaston  and  Raleigh  Railroad 
Company ;  and  the  Governor  is  herein  authorized  and 
required  to  sell  said  Company  hereby  created  the  Raleigh 
and  Gaston  Railroad,  with  all  the  appurtenances  for  the 
sum  of  five  hundred  thousand  dollars,  with  interest  from 
the  day  of  sale,  payable  in  ten  annual  instalments  of  fifty 
thousand  dollar  each,  together  with  the  whole  accruing 
interest,  the  first  instalment  of  fifty  thousand  dollars 
with  all  the  interest  to  be  paid  at  the  expiration  of  the 
first  year  from  the  day  of  sale,  and  the  remainder  at  the 
end  of  each  succeeding  year,  until  the  whole  debt  and 
interest  are  paid.  The  Governor  is  herein  directed  to 
take  a  mortgage  on  said  road  and  appurtenances  for  the 
security  of  said  debt  of  five  hundred  thousand  dollars, 
and  in  making  his  advertisement  inviting  proposals  from 
purchasers,  to  give  such  description  of  the  road  as  may 
give  strangers  desiring  the  investment  an  accurate  idea 
of  the  character  of  the  work  and  the  capacities  of  the 
country  through  which  it  runs. 

Sec.  20.  Be  it  enacted,  That  this  act  shall  be  and  continue 
in  force  for  seventy -five  years  from  and  after  its  ratification. 
[Ratified  29th  January,  1851.) 


(85) 

The  following  act  was  ratified  the  25th  of  December, 
1852. 

AN  ACT  TO  AMEND  THE  CHARTER  OF  THE  RALEIGH  AND  GASTON 
RAILROAD  COMPANY. 

Whereas,  By  an  act  passed  at  the  session  of  the  Gen- 
eral Assembly  for  the  year  1850-'51  entitled  "  An  act  to 
incorporate  the  Raleigh  and  Gaston  Railroad  Company," 
certain  commissioners  were  appointed  to  receive  sub- 
scriptions of  stock  to  the  said  Raleigh  and  Gaston  Rail- 
road Company,  to  the  amount  of  four  hundred  thousand 
dollars,  in  shares  of  one  hundred  dollars  each  ;  and 
whereas  the  said  commissioners  received  such  subscrip- 
tions, and  duly  returned  the  same,  whereupon  such  pro- 
cedings  were  had  pursuant  to  the  provisions  of  said  act, 
as  to  form  the  said  subscribers  into  a  body  politic  and 
corporate,  under  the  name  and  style  of  "  The  Raleigh 
and  Gaston  Railroad  Company,"  and  whereas  there  are 
in  the  said  act  sundry  omissions  and  imperfections,  for 
remedy  thereof. 

Section  1.  Be  it  enacted  by  the  General-  Assembly  of  the  corporate  title. 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  au- 
thority of  the  same,  That  the  original  subscribers  to  the 
stock  of  the  corporation  created  by  the  said  act,  their  ex- 
ecutors, administrators  and  assigns  are  hereby  declared 
to  be  a  body  politic  and  corporate  under  the  name  and 
style  of  "  The  Raleigh  and  Gaston  Railroad  company," 
separate  and  distinct  from,  and  wTholly  unconnected 
with  the  company  formerly  existing  by  the  same  name, 
and  shall  have,  and  are  hereby  declared  to  have  all  the 
rights,  privileges  and  authorities  of  a  body  politic  and 
corporate,  and  by  that  name  shall  be  capable  in  law  of 
purchasing,  holding,  selling  and  conveying  estates,  real, 
personal  and  mixed,  so  far  as  shall  be  necessary  for  the 
purpose  hereinafter  mentioned  and  no  farther;  and  shall 
have  perpetual  succession,  and  by   said  corporate  name 


(86) 

may  sue  and  be  sued,  may  have  and  use  a  common  seal, 
and  may  from  time  to  time,  make  all  such  by-laws,  rules 
and  regulations  as  may  be  necessary  for  the  well  order- 
ing and  conducting  of  the  affairs  of  the  said  corporation, 
not  inconsistent  with  the  constitution  and  laws  of  this 
State  nor  with  the  following  fundamental  terms  and  con- 
ditions to  wit : 

capital  stock.  gEC>  2.  Be  it  farther  enacted,  That  the  capital  .stock  of 

said  company  shall  consist  of  eight  hundred  thousand 
dollars,  (except  as  hereinafter  provided,)  to  be  held  as 
follows,  to  wit :  one-half  thereof,  or  four  hundred  thou- 
sand dollars  by  the  State  of  North  Carolina,  in  consid- 
eration of  the  transfer  and"  assignment  by  the  said 
State,  as  hereinafter  provided,  to  the  said  corporation,  of 
that  railroad  heretofore  known  as  the  Raleigh  and  Gas- 
ton Railroad,  and  now  the  property  of  the  said  State,  to- 
gether with  all  its  machine  shops,  implements,  ware- 
houses, depots,  water  stations,  engines  and  every  other 
description  of  propert}^  real  personal,  or  mixed,  apper- 
taining to  the  same;  and  the  other  half  of  the  said  capi- 
tal shall  be  held  and  owned  in  shares  of  one  hundred 
dollars  each,  by  those  individuals  who  subscribed  for  the 
same,  according  to  the  returns  of  the  said  original  com- 
missioners, their  executors,  administrators  or  assigns ; 
and  whenever  it  shall  appear  by  the  certificate  of  the 
president  and  treasurer  of  the  said  corporation  that  the 
said  sum  of  four  hundred  thousand  dollars  hath  been 
actually  paid  in  by  the  said  subscribers  and  expended 
by  the  said  company  in  rebuilding  the  Raleigh  and 
Gaston  Railroad  with  an  iron  rail  weighing  not  less  than 
fifty  pounds  to  the  lineal  yard  and  in  the  purchase  of 
the  necessary  cars,  engines  and  other  suitable  materials 
for  properly  stocking  and  equipping  the  road,  so  as  to  do 
the  transportation  thereon,  then  it  shall  be  the  duty  of 
the  Governor  of  the  State  for  the  time  being,  and  he  is 
hereby  authorized  and  required,  under  the  great  seal  of 
the  State,  to  transfer  and  convey  to  the  said   corporation 


(87) 

the  said  Raleigh  and  G-aston    Railroad,   with   all  its  fix- 
tures and  equipments  hereinbefore  mentioned. 

Sec.  3.  Be  it  further  enacted,  That  the  State  of  North  state  Directors. 
Carolina  shall  be  entitled  to  three  directors  in  the  said 
company,  to  be  annually  appointed  by  the  board  of  in- 
ternal improvements,  and  at  the  annual  meetings  of  said 
company  the  individual  stockholders  shall  have  power 
and  authority  to  elect  four  directors,  citizens  of  the  State, 
who,  with  the  directors  on  the  part  of  the  State,  shall 
have  power  to  elect  a  president  out  of  their  own  body,  to 
manage  all  the  affairs  of  the  said  company,  and  the  said 
directors  shall  continue  in  office  until  their  successors 
shall  have  been  elected.  The  president,  with  any  three 
or  more  of  the  directors,  or  in  the  absence  of  the  presi- 
dent, any  four  of  the  directors,  who  shall  appoint  one  of 
their  own  body  president  pro  tern.,  shall  constitute  a  board 
for  the  transaction  of  business.  In  case  of  vacancy  in 
the  office  of  president  or  any  director,  from  death,  resig- 
nation, or  otherwise,  such  vacancy  shall  be  supplied  by 
appointment  of  the  board  until  the  next  annual  meeting : 
Provided,  That  whenever  the  State  shall  transfer  its  stock, 
in  whole  or  in  part,  the  State  shall  have  only  one  direc- 
tor for  every  thousand  [shares]  which  it  may  retain  in 
the  stock  of  said  company. 

Sec.  4.  Be  it  farther  enacted,  That  an  annual  meeting  Annual  meeting, 
of  the  subscribers  to  the  stock  of  the  said  company,  shall 
be  held,  at  such  time  and  place  in  each  year  as  the  stock- 
holders, at  their  general  or  at  any  subsequent  meeting 
may  appoint,  to  constitute  which,  or  any  general  meet- 
ing called  by  the  president  and  directors  according  to  the 
provisions  of  this  act,  a  number  of  persons  owning  a  ma- 
jority of  the  shares  of  stock  held  by  individuals  in  said 
corporation,  shall  be  present  either  in  person  or  by  proxy  ; 
and  if  a  sufficient  number  to  constitute  a  meeting  do  not 
attend  on  the  day  appointed,  those  who  do  attend  shall 


(88) 

have  power  to  adjourn  from  time  to  time  until  a  meeting 
shall  be  formed. 


Votes. 


Contracts 


Sec.  5.  Be  it  farther  enacted,  That  in  all  general  meet- 
ings of  the  said  company,  each  stockholder  shall  be  en- 
titled to  give  one  vote  for  each  share  not  exceeding  ten 
shares,  and  one  vote  for  every  three  shares  above  ten 
shares ;  and  it  shall  be  lawful  for  the  board  of  internal 
improvements  to  appoint  some  suitable  person  to  repre- 
sent the  interest  of  the  State  in  all  such  meetings,  who 
shall  have  a  right  to  vote  on  all  questions  coming  before 
them,  except  in  the  election  of  the  directors,  to  be  ap- 
pointed by  the  individual  stockholders. 

Sec.  6.  Be  it  further  enacted,  That  the  said  President 
and  Directors  shall  have  full  power  and  authority  to 
make  contracts,  with  any  person  or  persons  on  behalf  of 
the  said  company  for  reconstructing  said  road  and  per- 
forming all  other  works,  which  from  time  to  time  may 
be  necessary  for  the  completion  and  repairs  of  the  said 
road  ;  to  require  from  the  individual  stockholders  from 
time  to  time  such  advances  of  money  on  their  respective 
shares,  as  the  wants  of  the  company  may  demand  until 
the  whole  of  their  subscriptions  shall  be  advanced  ;  to 
call  on  any  emergency  a  general  meeting  of  the  stock- 
holders, giving  one  month's  previous  notice  thereof,  in 
one  or  more  newspapers  ;  to  appoint  a  treasurer,clerk  and 
other  officers,  as  they  may  require  and  generally  to  trans- 
act all  the  necessary  business  of  the  company  during  the 
intervals  between  the  general  meetings  of  the  stockhold- 
ers :  Provided,,  That  no  loan,  which  may  be  equivalent 
to  an  increase  of  the  capital  stock  of  said  compan}r,  and 
for  which  the  assignable  bonds  or  other  securities  of  the 
said  company  are  to  be  given,  shall  be  made  by  the  said 
President  and  Directors,  unless  such  loan  be  first  author- 
ized, at  a  general  meeting  of  the  stockholders,  and  in  the 
event  of  such  loan  being  made  no  dividend  shall  be  paid 
upon  any  stock  holden  in  said  company,  until  the  inter- 


(89) 

est  upon  such  debts  shall  have  been  paid  or  reserved  out  of 
the  profits,  and  a  sinking  fund  equivalent  to  at  least  six 
-per  centum  per  annum,  on  such  debt  shall  have  been  like- 
wise reserved,  to  be  invested  by  the  President  and  Di- 
rectors, in  some  good  and  valid  security  :  Provided  further, 
That  all  loans  which  may  have  been  heretofore  or  may 
be  hereafter  authorized  by  the  said  stockholders  in  gen- 
eral meeting,  shall  be  valid  and  obligatory  upon  the 
said  corporation. 

Sec.  7.  Be  it  further  enacted,  That  if  airy  stockholder  Delinquent  stock- 
shall  fail  to  pay  the  sum  required  of  him  by  the  Presi- 
dent and  Directors  within  one  month  after  the  same  shall 
have  [been]  advertised  in  one  or  more  convenient  news- 
papers, it  shall  and  may  be  lawful  for  the  said  president 
and  Directors  to  sell  at  public  auction  and  to  convey  to 
the  purchaser  the  share  or  shares  of  such  stockholders  so 
failing  giving  one  month's  previous  notice  of  the  time 
and  place  of  sale  in  manner  aforesaid,  and  after  retaining 
the  sum  due  and  charges  of  sale  out  of  the  proceeds 
thereof,  to  pay  the  surplus,  if  any  to  the  owners,  or  his 
legal  representative  ;  and  if  the  said  sale  shall  not  pro- 
duce the  sum  required  to  be  advanced,  with  the  incident 
charges  attending  the  sale,  then  the  said  President  and 
Directors  may  recover  the  balance  from  the  original  sub- 
scriber, or  his  assignee,  or  the  executor  or  administrator 
of  either  of  them,  by  suit  in  any  court  of  record  having 
jurisdiction  thereof,  or  by  warrant  before  any  justice  of 
the  peace  of  the  county  of  which  he  is  a  resident,  and 
any  purchaser  of  the  stock  of  the  company  undei 
such  sale  shall  be  subject  to  the  same  rules  and 
regulations  as  the  original  proprietor.  It  shall,  never- 
theless, be  lawful  for  the  said  President  and  Directors, 
if  they  deem  it  expedient,  instead  of  selling  the  stock  of 
delinquent  subscribers,  as  contemplated  by  this  section, 
to  recover  such  sums  as  may  be  due  the  said  company 
from  deliuquent  subscribers  by  suit  in  any  court  of  re- 
cord having  jurisdiction  thereof,  or  by  warrant  before  any 
'  12 


(90) 

justice  of  the  peace  of  the  county  in  which  such  delin- 
quent stockholder  is  a  resident. 

Eights  and  piw  Sec.  8.  Be  it  further  enacted,  That  the  said  railroad  and 
all  engines,  cars  and  machinery,  and  all  the  woiks  of 
said  company,  together  with  all  profits  which  shall  accrue 
from  the  same,  and  all  the  property  thereof  of  every  de- 
scription shall  be  vested  in  the  said  company,  one  half 
thereof  to  the  use  and  benefit  of  the  State,  and  the  other 
half  to  the  us?  and  benefit  of  the  individual  stockholders, 
and  the  same  shall  be  deemed  and  held  to  be  personal 
estate,  and  shall  be  exempt  from  any  public  charge  or 
tax  whatsoever  for  the  term  of  fifteen  years,  and  thereafter 
the  Legislature  may  impose  a  tax  not  exceeding  twenty- 
five  cents  per  annum  on  each  share  of  the  capital  stock  held 
by  individuals  whenever  the  annual  profits  shall  exceed 
eight  per  cent. 

conveyance  of  Sec.  9.  Be  it  farther  enacted,  That  in  case  of  domestic  in- 

troors,  &c.  " 

vasion  or  insurrection  the  said  Company  shall  transport  tbe 
troops  and  munitions  of  war  of  the  State  of  North  Carolina 
free  of  charge . 

F.-eiLht&c.  Sec.  10.  Be  it  farther  enacted,  That  the  said  Company 

shall  give  no  undue  preference  to  the  property  of  one  per- 
son over  that  of  another,  but  as  far  as  practicable  shall 
transport  such  in  the  order  of  time  in  which  it  shall  be  de- 
livered or  offered  for  transportation,  the  toll  thereon  being 
first  paid  or  tendered  ;  and  it  shall  be  lawful  for  them  to 
charge  for  the  transportation  of  persons,  goods,  produce 
and  merchandise,  and  for  the  mail  any  sum  not  exceeding 
the  following  rates :  On  persons,  not  exceeding  six  cents 
per  mile  for  each  person,  unless  the  distance  which  any 
person  may  be  transported  should  be  less  than  ten  miles,  in 
which  case  an  extra  charge  of  fifty  cents  may  be  made  for 
taking  up  and  putting  down  such  persons :  for  the  trans- 
portation of  produce,  goods,  wares,  merchandise  and  other 
articles  not  exceeding  an  average  of  eight  cents  per  ton, 


(91) 

and  for  the  transportation  of  the  mail,  such  sum  as  may  be 
agreed  upon  between  the  Company  and  the  Post  Office 
Department  of  the  United  States. 

Sec.  11.  Be  it  further  enacted.  That  the  President  and  Account  of  pro- 

J  '  ceedings; 

Directors  shall  render  distinct  accounts  of  their  proceed- 
ings and  disbursements  of  money  to  each  annual  meeting 
of  the  stockholders.  . 

Sec  12.  Be  it  further  enacted,  That  the  President  and  certificate  of 

J  '  stock. 

Directors  shall  cause  to  be  printed  certificates  of  the 
shares  of  the  stock  in  the  said  company,  and,  whenever 
the  terms  hereinbefore  mentioned  shall  have  been  com- 
plied with,  shall  deliver  one  such  certificate  signed  by 
the  president  and  countersigned  by  the  treasurer,  to  each 
person  for  the  number  of  shares  subscribed  by  him,  her 
or  them,  or  to  the  assignee  of  such  subscribers,  which 
certificate  shall  be  transferable,  either  in  person  or  by 
attorney,  on  the  books  of  the  said  company  and  on  each 
such  transfer  the  assignee  shall  henceforth  become  a 
member  of  the  said  company  and  shall  be  entitled  to  all 
the  privileges  and  subject  to  the  rules  and  regulations 
of  the  same. 

Sec.  13.  Be  it  farther  enacted,  That  whenever  the  Gen- violation  of 
eral  Assembly  may  be  of  opinion  that  the  characters 
[charters]  hereby  granted  shall  have  been  violated,  it 
may  be  lawful,  by  joint  resolution  of  the  two  houses  to 
direct  the  Attorney  General,  with  such  assistant  council 
as  the  Governor  or  the  Legislature  may  think  proper  to 
engage,  to  issue  a  writ  of  scire  facias  returnable  before 
the  Judges  of  the  Supreme  Court,  calling  upon  the  said 
corporation  to  show  cause  why  their  charters  shall  not 
be  forfeited ,  subject  to  the  same  proceeding  as  are  now 
prescribed  by  law  in  case  of  other  corporations.  Their 
books  shall  be  at  all  times  open  to  the  inspection  of  a 
committee  of  the  General  Assembly,  appointed  for  that 
purpose  and  the  President  of  said   company  shall  bien- 


Privileges  of 
other  roads, 


Depots. 


Profits. 


Iron. 


(92) 

liially  make  a  report  to  the  Legislature  on  or  before  the 
third  week  of  their  session,  so  long  as  the  State  shall  re- 
main a  stockholder,  of  their  receipts  and  expenditures 
and  of  such  other  of  their  expenditures  as  he  shall  deem 
proper. 

Sec.  14.  Be  it  farther  enacted,  That  any  railroad  which 
may  hereafter  be  constructed  by  the  State,  or  by  any 
company  incorporated  by  the  Legislatute,  shall  be  at  lib- 
erty to  cross  the  road  hereby  allowed  to  be  reconstructed, 
upon  a  level  or  otherwise  as  may  be  advantageous  :  Pro- 
vided, The  free  passage  of  the  Raleigh  and  Giston  Rail- 
road be  not  thereby  obstructed. 

Sec.  15.  Be  it  further  enacted,  That  whenever  the  said 
railroad  shall  be  so  crossed  or  approached  by  any  other 
railroad  incorporated  by  this  State,  the  said  Raleigh  and 
Gaston  Railroad  Company  may  erect  a  depot  at  or  near 
the  point  of  intersection,  where  they  may  receive  and  de- 
liver passengers  and  freights  and  take  therefor  the  same 
rates  of  transportation  and  be  subject  to  the  same  rules 
and  regulations  as  at  other  depots,  and  should  they  fail 
or  refuse  to  erect  such  depots,  the  State  or  company  own- 
ing such  intersecting  road  may  erect  one,  and  the  com- 
pany hereby  incorporated  shall  receive  and  deliver  pas- 
sengers and  freights  at  such  depots,  under  the  same  regu- 
lations as  aforesaid,  unless  the  same  shall  be  rendered 
impracticable  by  the  situation  of  the  railroad  at  that 
place. 

Sec.  16.  Be  it  further  enacted,  That  the  profits  of  the 
said  company  shall  be  divided  annually  or  semi-annually, 
at  the  pleasure  of  said  company,  one-half  thereof  to  the 
State  of  North  Carolina,  to  be  paid  to  the  Public  Treas- 
urer of  the  State,  and  the  other  half  among  the  individual 
stockholders,  according  to  their  respective  shares. 

Sec.  17.  Be  it  further  enacted,  That  it  shall  be  lawful  for 


(93) 

the  said  president  and  directors  to  sell  the  iron  on  the 
Raleigh  and  Gaston  Railroad  and  apply  the  proceeds 
thereof  to  the  reconstruction  of  the  said  road,  except  so 
much  of  the  said  iron  as  was  purchased  of  Joseph  Ander- 
son, of  Richmond,  Virginia. 

Sec.  18.  Be  it  further  enacted,  That  to  enable  the  said  J,u"ction  wlth  N- 
Raleigh  and  Gaston  Railroad  Company  to  effect  a  junc- 
tion and  form  an  actual  connection  with  the  North  Caro- 
lina Railroad  whenever  the  superstructure  shall  have 
been  laid  on  that  part  of  the  road  of  the  North  Carolina 
Railroad  Company .  lying  between  Raleigh  and  Golds- 
boro,  as  provided  in  the  fifty-second  section  of  the  act  in- 
corporating the  North  Carolina  Railroad  Company,  the 
President  and  Directors  are  hereby  invested  with  full 
powers  and  authority  to  make  all  necessary  contracts  for 
the  construction  of  said  road  and  to  resort  to  the  same 
means  for  purchasing  or  condemning  such  lands  as  may 
be  required  therefor  as  are  provided  in  the  act  incorpo- 
rating the  North  Carolina  Railroad  Company. 

Sec.  19.  "And  whereas,  it  is  provided  by  the  forty-ninth  othe^iS^ 
section  of  the  act  incorporating  the  North  Carolina  Rail- 
road Company,"  that  whenever  "the  Roanoke  Railroad 
Company  or  the  Seaboard  and  Roanoke  Railroad  Com- 
pany, with  or  without  the  aid  of  individuals,  shall  sub- 
scribe to  the  Raleigh  and  Gaston  Railroad  Company  one- 
half  of  the  sum  necessary  to  construct  a  railroad  from 
some  convenient  point  on  the  Raleigh  and  Gaston  Rail- 
road, near  the  Littleton  depot,  or  any  point  between  that 
depot,  Roanoke  river,  and  the  town  of  Weldon,  or  any 
point  in  the  neighborhood  thereof,  so  as  to  connect  with 
the  Wilmington  and  Raleigh  Railroad,  and  the  Seaboard 
and  Roanoke  Railroad,  and  shall  expend  the  said  sum  in 
forming  the  said  connection,  then  the  said  Raleigh  and 
Gaston  Railroad  shall  be  extended  to  the  said  town  of 
Weldon,  or  neighborhood  thereof;  and  the  Public  Treas- 
urer is  hereby  authorized  and  directed  to  subscribe  for  an 


(U) 

equal  sum  for  and  in  behalf  of  the  State,  and  pay  for  such 
subscriptions  out  of  any  money  in  the  Treasury  not 
otherwise  appropriated  ;  and  for  the  want  of  such  money 
in  the  Treasury,  the  Public  Treasurer  is  hereby  author- 
ized to  borrow  the  sum  at  a  rate  of  interest  not  exceeding 
six  per  cent,  per  annum,  and  to  issue  bonds  payable  at 
•any  time  within  ten  years,  for  not  less  than  five  hundred 
dollars  each ;"  and  whereas,  the  said  Seaboard  and 
Roanoke  Railroad  Company  hath  already  subscribed  to 
the  said  Raleigh  and  G-aston  Railroad  Company,  the  sum 
of  seventy-five  thousand  dollars  for  the  purpose  of  con- 
structing said  road,  which  subscription  hath  been  ac- 
cepted by  the  stockholders  of  the  said  Raleigh  and  Gaston 
Railroad  Company  ;  and  whereas,  the  said  road  hath  been 
already  located  and  commenced,  and  a  large  portion  of 
said  subscription  hath  already  been  paid  by  the  said 
Seaboard  and  Roanoke  Railroad  Company  towards  the 
construction  of  said  road  ;  and  whereas,  such  connection  is 
deemed  of  great  importance  to  the  said  Raleigh  and  Gas- 
ton Railroad  and  to  the  people  of  this  State  :  Be  it  there- 
fore enacted,  That  the  said  above  recited  section  is  hereby 
re-affirmed  and  re-enacted  and  declared  to  be  a  part  of 
the  charter  of  said  Raleigh  and  Gaston  Railroad  Com- 
pany, with  the  following  provisions  and  amendments : 
"Now,  that  for  the  purpose  of  rendering  the  same  effec- 
tual, and  guarding  the  interest  of  the  [of  the]  State,  and  of 
the  said  Raleigh  and  Gaston  Railroad  Company,  William 
Collins,  Francis  Mallory  and  Samuel  S.  Roysters,  with 
the  agent  or  representative  of  the  State,  appointed  by  the 
Board  of  Internal  Improvements,  are  hereby  appointed 
commissioners  to  superintend  the  construction  of  said 
connection,  and  the  disbursement  of  the  funds  intended 
to  be  applied  to  the  same,  with  power  to  employ  a  Treas- 
urer for  the  safe  keeping  and  disbursing  the  funds,  and 
to  require  from  said  Treasurer  such  bonds  as  they  may 
deem  proper  for  the  faithful  discharge  of  his  official  duty. 

Extension.  Sec.  20.  And  be  it  further  enacted,  That  said  commissioners 


(95) 

shall  have,  and  are  hereby  declared  to  have  all  the  powers 
and  rights  necessary  to  effect  the  construction  of  the  said 
connection,  and  may  in  their  names  commence  and  prose- 
cute to  judgment  all  such  proceedings  as  may  be  requisite 
and  proper,  for  the  purpose  of  condemning  any  lands  which 
may  be  required  for  the  construction  of  said  road,  iu  the 
manner  and  on  the  same  process  and  conditions  as  are  pre- 
scribed in  the  act  incorporating  the  said  North  Carolina 
Railroad  Company ;  and  whereas  it  may  be  necessary  for 
the  Raleigh  and  Gaston  Railroad  Company  to  form  a  con 
nection  from  the  town  of  "Weld on  with  the  navigable  waters 
of  the  Roanoke  river  below  said  town,  so  as  to  connect  with 
the  steamboats  and  vessels  navigating  the  Roanoke  river 
and  Albemarle  Sound  : 

Therefore  be  it  enacted,  That  the  President  and  Directors 
of  the  said  Raleigh  and  Gaston  Railroad  Company  be  and 
they  are  hereby  authorized  and  empowered,  whenever 
they  may  deem  it  expedient,  to  extend  their  railroad  to  the 
novigable  water  of  the  Roanoke  river,  and  they  are  hereby 
vested  with  full  power  and  authority  to  make  all  necessary 
contracts  for  the  construction  of  said  railroad,  and  to  resort 
to  the  same  means  for  purchasing  or  condemning  such  lands 
as  may  be  required  therefore  [therefor]  as  are  provided  in 
the  act  incorporating  the  North  Carolina  Railroad. 

Sec.  21.  Be  it  farther  enacted ,  That  whenever  the  said  Duplicate 
road  shall  have  been  completed,  it  shall  be  the  dut}T  of  tmns' 
the  said  commissioners  to  make  out  a  duplicate  return 
of  their  proceeding,  stating  the  particulars  of  the  cost  of 
the  construction  of  said  road,  one  of  which  shall  be  made 
to  tlfe  Governorof  the  State,  the  other  to  the  President  of 
the  Raleigh  and  Gaston  Railroad  Company,  and  upon 
the  same  being  accepted,  the  cost  of  said  construction 
shall  be  added  to  and  constitute  a  part  of  the  capital 
stock  of  the  said  Raleigh  and  Gaston  Railroad  Company 
at  the  rate  of  one  share  for  each  hundred  dollars  of  such 
cost  and  vest  one-half  in  the  State  of  North  Carolina  and 


(96) 


one-half  in  such  corporation  or  individuals  as  may  have 
subscribed  to  the  said  stock,  according  to  the  respective 
amounts  of  such  subscription,  their  executors,  adminis- 
trators or  assigns,  and  shall  be  for  such  amount  an  in- 
crease of  the  capital  stock  of  said  Raleigh  and  Gaston 
Railroad  Company  over  and  above  the  sum  of  eight  hun- 
dred thousand  dollars  hereinbefore  declared  to  be  the 
capital  of  the  said  company,  and  thereupon  the  said 
Raleigh  and  Gaston  Railroad  shall  be  extended  to  the 
said  town  of  Weldon  or  such  point  in  the  vicinity  thereof 
as  such  connection  may  be  formed  and  all  the  lands 
purchased  or  condemned  for  the  construction  of  said  road 
together  with  all  materials  used  in  the  construction 
thereof,  depot?,  warehouses  and  all  other  property  per- 
taining to  the  same  and  all  privileges,  rights  and  powers 
which  may  be  necessary  for  doing  the  transportation  of 
freights  and  passengers  on  said  road,  shall  be,  and  the 
same  are  hereby  declared  to  be  vested  in  the  said  Ral- 
eigh and  Gaston  Railroad  Company  in  the  same  manner 
and  to  the  same  intent,  as  if  such  connection  had  consti- 
tuted a  portion  of  the  original  Raleigh  and  Gaston  Rail- 
road. 


Vacancies. 


Sec.  22.  Be  it  farther  enacted,  That  in  the  event  of  va- 
cancy in  the  said  board  of  commissioners,  by  death*  res- 
ignation or  otherwise,  such  vacancy  shall  be  supplied  by 
the  President  and  Directors  of  the  Raleigh  and  Gaston 
Railroad  Compan}'. 


Transportation.  Sec.  23.  Be  it  farther  enacted.  That  it  shall  and  may 
.  be  lawful  for  the  President  and  Directors  of  the  said  Ral- 
eigh and  Gaston  Railroad  Company  to  contract  with  the 
President  and  Directors  of  the  Roanoke  Valley  Railroad 
or  with  the  President  and  Directors  or  managers  of  any 
other  railroad  connecting  with  the  said  Raleigh  and  Gas- 
ton Railroad,  for  doing  the  transportation  of  freight  and 
passengers  on  such  road  or  roads  upon  such  terms  as 
may  be  agreed  on  between  them. 


(97) 

Sec.  24.  Be  it  further  enacted,  That  this  act  shall  take  Takes  effect, 
effect  immediately  from  and  after  its  acceptance  by 
three  fourths  of  the  stockholders  of  said  Raleigh  and 
Gaston  Railroad  Company  in  general  meeting  assembled 
— acceptance  to  be  signified  to  the  Governor  of  the  State 
by  the  president  of  said  company,  rnder  the  great  seal  of 
the  same  and  shall  continue  in  force  for  the  term  of  nine- 
ty years  from  and  after  such  acceptance. 

[Read  three  times  and  ratified  in  General  Assembly,  this 
25th  of  December  1852.] 

The  Company  was  duly  organized  under  the  Act  of  25th 
January,  1851,  at  a  Stockholders'  meeting  held  in  Warren- 
ton,  JST.  C-,  12th  September,  1851.  The  first  Annual  meeting 
of  Stockholders  was  held  in  the  town  of  Henderson,  N.  C, 
14th  and  15th  January,  1852.  The  second  Annual  meeting 
was  held  at  Raleigh  11th  and  12th  November,  1852. 

The  following  Resolution  was  ratified  27th  December, 
1852. 

RESOLUTION  AUTHORIZING  HIS  EXCELLENCY  THE  GOVERNOR  TO 
APPOINT  AN  AGENT  TO  MAKE  A  SETTLEMENT  WITH  THE  PRES- 
ENT RALEIGH  AND  GASTON  RAILROAD  COMPANY  AND  WILLIAM 
R.  ANDERSON. 

Resolved  by  the  General  Assembly  of  the  State  of  North  Car-  Agent. 
olina,  That  his  Excellency,  the  Governor  be,  and  he  is 
hereby  authorized  to  appoint  an  agent  to  make  settle- 
ment with  the  present  Raleigh  and  Gaston  Railroad  Com- 
pany respecting  the  use  of  the  iron  purchased  of  Joseph 
R.  Anderson. 

[Read  three  times  and  ratified  in  General  Assembly  this 
21th  day  of  December,  A.  D.  1852.] 

The  following  Resolution  was  ratified  27th  December, 
1852: 

13 


(98) 

RESOLUTION    IN     RELATION     TO      THE      SELLING    OF    RAILROAD 

IRON,    &C , 

Authority  to  pen.  Resolved  by  the  General  Ass  mbly  of  the  State  of  North  Car- 
olina, That  the  late  commissioners  of  the  Raleigh  and 
Gaston  Railroad  be  instructed  to  sell  the  railroad  iron 
'purchased  of  Joseph  R.  Anderson,  of  Richmond,  and  to 
deposit  the  proceeds  thereof,  in  the  Public  Treasury  and 
that  they  be  furthermore  directed  to  collect  the  debts  re- 
ported to  be  due  on  account  of  the  said  railroad,  and  to 
deposit  the  same  in  the  Public  Treasuiw. 

[Read  three  times  and  ratified  in  Genet al  Assembly  this 
21th  clay  of  December,  A.  D.,  1852.] 

The  third  Annual  meeting  was  held  at  Raleigh  15th 
November,  1853.  The  fourth  Annual  meeting  was  held 
in  Raleigh  2d  November,  1854. 

The  following  Act  was  ratified  20th  January,  1855  : 

AN  ACT  TO  AUTHORIZE  THE  RALEIGH  AND  GASTON  RAILROAD 
COMPANY  TO  TAKE  STOCK  IN  THE  ROANOKE  VALLEY  RAIL- 
ROAD   COMPANY. 

Section.  1.  Be  it  enacted  by  the  General  Assembly  of  the 
State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  author- 
ity of  the  same,  That  the  Raleigh  and  Gaston  Railroad 
Company  be,  and  is  hereby  authorized  to  receive  pay- 
ment for  the  sills  sold  by  said  Company  to  D.  Shelton  to 
an  amount  not  to  exceed  twelve  thousand  dollars,  in 
shares  of  the  stock  of  the  Roanoke  Valley  Railroad  Com- 
pany, and  to  hold,  sell  or  otherwise  dispose  of  said  stock 
as  the  President  and  Directors  of  said  Raleigh  and  Gas- 
ton Railroad  Company  ma}7,  from  time  to  time  direct. 

[Ratified  the  20th  day  of  January,  A.  D.  1855.] 


(99) 
The  following  Act  was  ratified  23d  February,  1861". 

AN   ACT    ALLOWING   THE  RALEIGH    AND  GASTON  RAILROAD  COM- 
PANY  TO   INCREASE  THE  CAPITAL    STOCK. 

Whereas,  The  whole  capital  stock  of  the  Raleigh  and  Preamble. 
Gaston  Railroad  Company  is  fixed  by  the  charter  at  the  . 
sura  of  nine  hundred  and  seven  t3T-five  thousand  dollars  and 
each  share  thereof  at  one  hundred  dollars  and  by  reason  of 
the  great  expenditure  in  permanent  fixtures  necessarily 
made  to  complete  the  road  after  exhausting  the  capital 
stock,  the  actual  capital  invested  is  now  or  will  soon  be 
upwards  of  one  million  five  hundred  thousand  dollars, 
so  that  each  share  in  said  compan}^  now  represents  about 
the  sum  of  one  hundred  and  fifty  dollars,  and  whereas, &t 
a  late  general  meeting  of  the  stockholders,  held  on  the 
4th  day'of  October  last,  it  was  deemed  expedient  and  so 
resolved,  that  the  company  should  purchase  a  portion  of 
the  slaves  to  be  employed  in  its  service,  whereby  each 
share  will  represent  a  still  larger  additional  amount  of 
capital  stock,  and  it  is  but  just  that  the  shares  should 
represent  as  nearly  as  practicable  the  amount  of  capital 
invested. 

Sec.  1.  Be  it  therefore  enacted  by  the  General  Assembly  of  Amount  of  m- 
the  State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  crtaseof  stock- 
authority  of  the  same,  That  it  shall  be  lawful  for  the  Ral- 
eigh and  Gaston  Railroad  Company  to  increase  the  num- 
ber of  shares  of  its  capital  stock  so  as  to  make  the  whole 
number  fifteen  thousand  or  less,  and  that  the  additional 
number  hereby  allowed  may  be  wholly  or  partly  divided 
among  the  stockholders  according  to  their  several  inter- 
ests, or  sold  for  their  use  and  benefit  or  used  to  purchase 
daves  for  the  use  of  the  company  as  by  the  stockholders 
shajj  be  deemed  best.  Provided  nevertheless,  That  it  shall 
be  necessary  for  the  State  as  a  stockholder  to  concur  in 
the  number  of  increased  shares  as  also  in  the  disposition 
thereof. 


(100) 

fee!0*8  of  Sec.  2.  Be  it  further  enacted,  That   if  the   additional 

shares,  or  any  number  of  them  shall  be  divided  among 
the  stockholders,  all  the  fractional  parts  of  shares  which 
may  accrue  on  such  division  shall  be  added  together,  so 
as  to  constitute  whole  shares,  and  they  shall  be  disposed 
of  for  the  benefit  of  those  having  fractional  interest  as  may 
be  deemed  advisable  by  the  company. 

Act  a  part  of  Sec.  3.  Be  it  farther  enacted,   That  this  act,  when  ac- 

cepted by  the  Compan}^  shall  forthwith  be  deemed  apart 
of  the  charter,  and  such  acceptance  shall  be  certified  to 
the  Secretary  of  State  hy  the  President  and  Directors  of 
the  Company,  under  the  seal  of  the  corporation. 

Act  to  be  accepted      sEc.  4.  Be  it  farther  enacted,  That  a  general  meeting:  of 

in  general  meet-  "i  '  a  => 

ins-       .  the  stockholders  may  be  called  for  the  purpose  of  accept- 

ing the  amendment,  and  if  accepted,  as  provided  in  sec- 
tion third  at  any  time  within  two  years,  it  shall  be  suf- 
ficient. 

How  capital  in-  Sec.  5.  Be  it  farther  enacted,  That  it  shall  not  be  neces. 

sary  for  the  Company  to  increase  the  number  of  shares  at 
once,  but  they  may  do  so  from  time  to  time  as  shall  be 
resolved  on,  the  State  concurring  as  aforesaid  :  Provided 
however,  The  whole  capital  of  the  Company  shall  not  ex- 
ceed fifteen  hundred  thousand  dollars. 

Sec.  6.  Be  it  further  enacted,  That  every  part  of  the 
present  charter  of  said  Company  which  shall  be  in  con- 
flict with  this  amendment,  shall  be  null  and  void  after 
its  acceptance  as  aforesaid. 

[Ratified  the  12>rd  day  of  February,  18G1 .] 

The  above  Act  was  accepted  at  the  Annual  meeting 
of  Stockholders  held  4th  July,  1861. 


(lot) 

The  following  Act  was  ratified  the  16th   December, 
1865: 

AN  ACT  TO  AUTHORIZE  THE  RALEIGH  AND  GASTON  RAILROAD 
COMPANY  TO  ESTABLISH  A  FERRY  AT  GASTON  FOR  THE  TRANS- 
PORTATION OF  PASSENGERS  AND  FREIGHT  ACROSS  ROANOKE 
RIVER. 

Section  1.  Be  it  enacted  by  the  General  Assembly  of  the  Empowers  r.&g. 

/.      -r      7    ^       7.  7    •      •      7        i  ill  Railroad  to  estab- 

State  of  North  Carolina,  and  it  is  hereby  enacted  by  the  au-  im*  a  ferry  across 

J  7  ju  Koanoke  river  at 

thority  of  the  same,  That  the  Raleigh  and  Gaston  Railroad  Gaston. 
Company  shall  have  the  right,  and  they  are  hereby  author- 
ized and  empowered,  to  establish  a  ferry  across  Roanoke 
river,  at  Gaston,  for  the  purpose  of  transporting  across  said 
river,  all  passengers  and  freight  taken  to  or  intended  for 
railroad  transportation  going  north  or  coming  south,  in  the 
same  manner  and  under  like  rules  and  regulations  as  said 
Railroad  Company  had  the  right  of  transporting  passengers 
and  freight  across  said  river  on  the  bridge  before  its  de- 
struction. 

Sec.  2.  Be  it  further  enacted,  That  said   ferry  shall  be  where  ferry  to  be 
established  at  the  same  point  on  the  river  as  the  bridge  was  lo:ated- 
before  its  destruction. 

Sec.  3.  And  be  it  further  enacted,  That  this  act  shall  be  in 
force  immediately  after  its  ratification. 

[Ratified  the  IQth  day  of  December,  A.  D.  1865.] 

The  above  Act  was  accepted  at  a  Stockholders  meeting 
held  4th  August,  1867. 

The  following  Act  was  ratified  19th  January,  1866. 

AN  ACT  TO  EXEMPT  THE  RALEIGH  AND  GASTON  RAILROAD 
COMPANY  FROM  RE-BUILDING  THE  BRIDGE  ACROSS  THE 
ROANOKE    AT   GASTON. 

Section  1.  Be  it  enacted  by  the   General  Assembly  of  the  Exempts  rain-oai 

a,    .       j>  -\-r       i    s~i       t  T--7        7  777  from  rebuilding  . 

state  of  JSorth  Carolina  and  it  is  hereby  enacted  by  the  an-  bridge. 
thority  of  the  same,  That  the  Raleigh  and  Gaston  Railroad 


(102) 

Company  be  and  it  is  hereby  exempted  from  keeping  up 
across  the  Roanoke,  near  Gaston,  the  bridge  which  here- 
tofore formed  a  part  of  the  railroad  :  Provided,  That  a 
majority  of  the  entire  stock  in  amount  shall  so  desire. 


Stockholders  may 
reject  or  accept 
privilege  granted 
t.y  act. 


Proviso. 


Sec.  2.  Be  it  further  enacted,  That  at  the  next  general 
meeting  of  the  stockholders  of  said  Company,  when  a 
sufficient  amount  of  stock  shall  be  represented,  the  Com- 
pan}'  may  declare  whether  it  accepts  or  rejects  the  privilege 
of  being  thus  exempted  from  rebuilding  said  bridge  ;  and 
if  it  shall  accept  the  said  exemption,  the  acceptance  there- 
of shall  be  entered  on  the  proceedings  of  the  Company 
and  notified  by  the  President  to  the  Secretary  of  State, 
and  thenceforth  the  exemption  from  keeping  up  said 
bridge  shall  become  a  part  of  the  charter  of  the  Company, 
and  not  otherwise:  Provided,  nevertheless,  That  the  Gene- 
ral Assembly  may,  at  any  time,  after  the  term  of  five 
years  from  the  ratification  of  this  act,  repeal  the  same, 
and  thereafter  the  Company  shall  rebuild  said  bridge  if 
the  General  Assembly  shall  so  direct. 

[Ratified  19th  of  January,  1866.] 


The  above  Act  was  accepted  at  a  Stockholders  meeting 
held  5th  of  July,  1866  : 

The  following  Ordinance  of  the  Convention   was  rati- 
fied the  16th  of  June,  1866: 

AN  ORDINANCE  FOR-  EXCHANGING  THE  STOCKS  OF  THE  STATE 
FOR  BONDS  ISSUED  BEFORE  THE  YEAR  ONE  THOUSAND  EIGHT 
HUNDRED  AND  SIXTY-ONE. 


Preamble. 


Whereas,  The  destruction  and  depreciation  of  taxable 
property  in  North  Carolina,  arising  out  of  the  late  un- 
happy war,  has  greatly  increased  the  proportion  borne  by 
the  public  debt  to  the  means  which  the  State  possesses 
for  its  payment ;  and,  whereas,  the  people  of  North  Caro- 
lina are  solicitous  fully  to  discharge  their  just  obligations 


(103) 

at  the  earliest  possible  moment  in  any  manner  that  shall 
be  acceptable  to  their  creditors ;  whereas,  further,  the 
stocks,  liens  and  other  claims  upon  the  Railroad  Com- 
panies, and  other  corporations,  are  proceeds  of  the  bonds 
of  i  he  State,  issued  in  great  part  before  the  twentieth  day 
of  May,  in  the  year  one  thousand  eight  hundred  and 
sixty-one,  and  now  outstanding;  and,  whereas,  due  re- 
gard being  had  as  well  to  economy  and  other  grave  pub- 
lic interests  as  to  the  rights  of  public  creditors,  it  were 
good  polic}*  to  exchange  for  the  principal  of  such  bonds, 
the  stocks  and  other  property  above  mentioned,  if  such 
exchange  can  be  made  at  par:  Therefore, 

Section  1.  Be  it  ordained  by  the  delegates  of  the  people  of  Du'yof  Pub:ic 

Tr6fisur6r 

North  Carolina,  in  Convention  assembled,  That  the  Public 
Treasurer  shall  advertise,  in  such  newspapers  as  he  may 
select,  and  invite  proposals  for  an  exchange  of  the  princi- 
pal of  any  bonds  issued  by  the  State  prior  to  the  twen- 
tieth day  of  May,  one  thousand  eight  hundred  and  sixty- 
one,  for  certificates  of  stock  and  other  interests  held  b}T 
the  State  in  various  corporations;  such  bids  shall  be 
opened  by  the  Treasurer  upon  some  day  (of  which  he 
shall  give  due  notice  to  them)  in  presence  of  the  Gover- 
nor of  the  State  and  the  Comptroller  of  public  accounts, 
and  it  shall  be  his  duty  to  accept  those  terms  which  may 
be  most  advantageous  for  the  State:  Provided,  That  in 
no  event  shall  any  of  the  said  stocks  or  other  property  be 
exchanged  for  less  than  their  par  value  ;  and  any  pre- 
miums which  may  be  obtained  upon  such  exchange  shall 
be  applied  either  to  the  extinguishment  of  coupons  or 
other  interest  (if  any)  due  upon  the  particular  bonds 
accepted  in  exchange,  or  to  a  further  discharge  of  the 
principal  due  upon  such  other  bonds  ;  or,  in  case  such 
premiums  be  fractional  in  regard  to  such  bonds  or  in- 
terest, it  may,  as  an  alternative,  at  the  discretion  of  the 
Treasurer,  be  paid  in  currency  into  the  Treasury  and 
charged  to  the  public  fund. 


Proviso. 


(104) 

&au°ac£p*wSJJ  Sec.  2.  Be  it  farther  ordained,  That  as  soon  as  may  be 
practicable  after  the  acceptance  of  any  bid,  the  Public 
Treasurer  shall  receive  the  bonds  offered  in  exchange, 
and  in  the  presence  of  the  Governor  and  Comptroller 
shall  cancel  the  same  ;  it  shall  also  be  his  duty  to  trans- 
fer the  stocks  and  execute  such  conveyances  of  the  other 
interests  hereinbefore  mentioned  as  shall  be  deemed 
necessary ;  such  conveyances  to  be  in  a  form  approved  by 

Proviso.  the  Governor  and  the  Attorney  General :  Provided,  how- 

ever, That  the  interest  to  be  acquired  by  any  such  pur- 
chaser or  assignee  of  any  stock  now  held  by  the  State, 
shall  not  be  other  than  that  of  the  holders  of  a  like 
amount,  in  the  general  stock  of  the  several  and  respective 
corporations  in  which  the  State  may  be  a  corporator. 

Duty  of  c  mp-  Sec.  3.  Be  it  farther  ordained,  That  it  shall  be  the  duty 

troller.  .•» 

of  the  Comptroller  to  make  a  minute  of  what  may  be 
done  by  the  Public  Treasurer  in  the  premises,  and  to 
make  therefrom  such  entries  in  the  books  of  his  office  as 
may  secure  a  just  accountability  on  the  part  of  the  Treas- 
urer because  of  the  transactions  hereinbefore  mentioned. 

pppciairfpoits  by  Sec.  3.  Be  it  farther  ordained ',  That  the  Public  Treas- 
urer  shall  make  special  reports  upon  the  subject  of  this 
ordinance  to  the  General  Assembly  at  every  session,  and 
this  ordinance  shall  be  subject  to  repeal  or  modification 
by  the  General  Assembly. 
'[Ratified  the  15th  day  of  Jane,  A.  B.  1866.] 

The  following  Act  was  ratified  4th  of  March,  1867  : 

AX  ACT  TO  AMEND  THE  CHARTER  OF  THE  RALEIGH  AND  GASTON 
RAILROAD  COMPANY. 


Preamble 


Whereas,  under  an  ordinance  of  the  convention  ratified 

on  the day  of A.   D.,   1866,   the   State  of 

North  Carolina  has  sold  and  transferred  all  the  stock  owned 
by  the  said  State  in  the  Raleigh  and  Gaston  Railroad  Com- 


(105) 

pany  and  the  said  State  has  duly  ceased  to  be  a  stockholder 
in  the  said  company  and  is  no  longer  entitled  to  appoint 
three  directors  of  said  company,  nor  to  any  other  right  as 
a  stockholder  in  said  company,  all  the  right  and  interest 
of  the  said  State  having  passed  to  and  become  vested  in 
the  purchasers  of  the  said  stock ;  and  whereas,  by  the  pres- 
ent charter  of  the  said  company,  the  individual  stockhold- 
ers are  entitled  to  elect  only  four  of  the  seven  Directors  ot 
said  company,  therefore, 

Section  1.  Beit  enacted  bu  the   General  Assembly  of  the  individual  stock- 

°     J  holders  hereafter 

State  of  North  Carolina  and  it  is  hereby  enacted  by  the  authoii-  to  elect  the  seven 

J  J  K  Directors. 

ty  of  the  same,  That  the  stockholders  of  the  said  company, 
at  the  regular  annual  meeting  thereof,  shall  have  power 
and  authority  to  elect  seven  directors  of  the  said  company, 
each  of  whom  shall  be  a  stockholder  in  said  company  and 
shall  be  a  citizen  of  the  State  of  North  Carolina  who  shall 
constitute  the  Board  of  Directors  of  said  company,  with 
power  to  elect  one  of  their  Cumber  President  and  to  man- 
age all  the  affairs  of  said  company  and  shall  continue  in 
office  until  their  successors  are  elected.  The  President, 
with  any  three  members  of  the  Board  of  Directors,  or  in 
the  absence  of  the  President,  any  four  members  of  the 
Board,  shall  constitute  a  quorum  for  the  transaction  of  Quorum, 
business,  and  shall  elect  one  of  their  number  President 
pro  tern.  In  case  of  vacancy  in  the  office  of  President  or 
Director,  from  death,  resignation  or  otherwise,  such  vacan- 
cy shall  be  filled  by  the  -appointment  of  the  board  until  the 
next  annual  meeting  of  the  stockholders.  In  the  election  E,ch  snareor 
of  directors,  and  whenever  a  vote  by  stock  shall  betaken,  vote' 
each  stockholder  shall  cast  one  vote  for  each  share  of  stock 
owned  by  him,  up  to  ten  shares,  and  (one)  vote  for  every 
three  shares  of  stock  owned  by  him  over  ten. 

Sec.  2.  Be  it  further  enacted,  That  the  third  and  fifth  sec-  Repeal  of  sections 
tions  of  the  charter  of  said  company,   ratified  on  the  25th 
day  of  December,  A.  D.,  1862,  and  all   other  sections  and 

parts  of  sections  of  the  said    eharfer,   giving  to  the  State 
14 


(106) 

any  right  or  interest  as  a  stockholder  in  said   company,  he 
and  they  are  hereby  repealed. 

Sec.  3.  Be  it  further  enacted,  That  this  act  shall  go  into 
effect  from  and  after  its  ratification  and  upon  the  accep- 
tance thereof  by  the  stockholders,  representing  a  majority 
of  the  stock  at  the  first  meeting  thereof  and  notice  of  such 
acceptance  to  the  Governor  of  the  State,  it  shall  become 
and  constitute  a  part  of  the  charter  of  said  company. 

[Ratted  the  4th  day  of  March  1867.] 

This  act  was  accepted  at  a  Stockholders'  meeting  held 
4th  July,  1867. 

The  following  Act  was  ratified  4th  of  April,  1871: 

AN    ACT  FOR    THE    PROTECTION  OF    IMMIGRATION    AND  THE 
SETTLEMENT  OF  THE  UNIMPROVED  LANDS  OF  THE  STATE. 


Ttaih'oad  Immi- 
gration Associa- 
tion. 


Corporate  rights. 


Corporators. 


Section  1.  The  General  Assembly  of  North  Carolina  do 
enact  as  follows  :  For  the  purpose  of  promoting  immigra- 
tion into  this  State  and  the  settlement  of  the  unimproved 
lands  of  the  State,  a  corporation  is  hereby  created  under 
the  name  of  "  The  Railroad  Immigration  Association  of 
North  Carolina,"  to  have  perpetual  succession  and  a  com- 
mon seal,  which  they  may  alter  and  change  at  their 
pleasure,  and  shall  be  capable  of  suing  and  being  sued, 
of  pleading  and  being  impleaded,  with  capacity  to  hold 
real  and  personal  estate. 

Sec.  2.  Said  corporation  shall  consist  of  the  Raleigh  & 
Gaston  Railroad  Company,  Wilmington  and  Weldon 
Railroad  Company,  the  "Wilmington,  Columbia  & 
Augusta  Railroad  Company,  the  North  Carolina  Railroad 
Company,  the  Seaboard  &  Roanoke  Railroad  Company, 
the  Petersburg  Railroad  Company,  the  Atlantic  &  North 
Carolina  Railroad  Company,  the  Wilmington,  Charlotte 
&  Rutherford  Railroad  Company,  the  Western  Railroad 


ao7) 

Company,  the  Western  North  Carolina  Railroad  Com- 
pany, the  Piedmont  Railroad  Company,  the  Charlotte  & 
Atlanta  Railroad  Company,  the  Atlantic,  Tennessee  and 
Ohio  Railroad  Company,  the  Charlotte,  Columbia  & 
Augusta  Railroad  Company,  the  Chatham  Railroad  Com- 
pany, the  Williamston  &  Tarboro  Railroad  Company,  the 
Edenton  &  Norfolk  Railroad  Company,  the  North  "Western 
North  Carolina  Railroad  Company,  and  all  other  Rail- 
road Companies  now  or  hereafter  to  be  incorporated,  the 
whole  or  any  portion  of  whose  lines  are  in  this  State,  or 
any  one  or  more  of  said  Railroad  corporations,  who  may 
desire  to  become  members  of  the  corporation  herein  au- 
thorized. 

Sec.  3.  All  railroad  corporations  agreeing  to  become  subscriptions  by 
stockholders  of  this  association,  shall  subscribe  and  pay  tions. 
annually  at  such  time  as  may  be  determined  by  the  board 
of  directors  herein  authorized,  to  the  treasurer  of  the 
association  ten  dollars  per  mile  (or  a  larger  amount  if 
they  shall  deem  it  necessary  to  carry  into  effect  the  ob- 
jects of  this  charter)  for  each  mile  of  road  in  actual  run- 
ning order  located  in  this  State. 

Sec.  4.  The  affairs  of  this  association  shall  be  managed  Board  of  D'reo 
by  the  general  board  of  directors  to  be  formed  as  follows, 
viz :  The  directors  of  each  subscribing  corporation  shall 
choose;  one  director ;  these  directors  shall  choose  a  presi- 
dent of  the  association.  The  presidents  of  the  subscrib- 
ing corporations  shall  be  ex  officio  vice  presidents  of  this  vice  President?, 
association,  and  the  general  board  of  directors  shall  con- 
sist of  said  designated  directors,  of  the  vice  presidents 
and  the  president  of  the  association,  which  president 
with  the  attorney  shall  reside  at  Raleigh. 

Sec.  5.  The  general  board  of  directors  may  pass  such  By-iavs, 
by  laws  for  the  government  of  the  association  as  they 
may  see  fit,  not  inconsistent  with  the  constitution  and 
laws  of  the  United  States  or  of  this  State,  and  may  ap- 


(108 


Secreta'y  and 
other  officers. 


point  and  remove  an  attorney,  secretary,  treasurer  and 
other  officers,  and  fix  their  compensation  and  prescribe 
their  duties. 


Powers  and  priv- 
leges. 


Sec.  6.  The  Railroad  Immigration  Association  shall 
have  power  to  buy  and  sell,  lease,  mortgage  or  otherwise 
convey  lands,  to  make  advances  of  money  or  other  things 
to  settlers  and  others  on  such  terras  and  on  such  securi- 
ties, real  or  personal,  as  may  be  agreed  on,  to  negotiate 
for  the  purchase  or  sale  of  lands,  to  aid  settlers  and  others 
in  the  purchase  of  lands  or  building  of  houses,  and  im- 
proving lands,  and,  in  general,  to  carry  on  the  business 
of  a  land  and  immigration  company.  The  association 
may  likewise  own  and  manage  steam  and  other  vessels, 
and  take  measures  for  the  transportation  of  persons  and 
property  into  the  State,  and  take  all  proper  or  customary 
measures  for  the  com  fort  and  interests  of  immigrants  and 
settlers.  It  shall  likewise  have  power  to  appoint  one  or 
more  commissioners  and  agents  to  visit  or  reside  in  Eu- 
rope and  other  countries  as  well  as  in  the  United  States, 
for  the  purpose  of  soliciting  immigration  and  carrying 
out  the  objects  of  this  charter. 


Settlement  of 
lands  along  sub- 
scribing roads. 


Stc  7.  Each  Railroad  Company  becoming  a  member 
of  this  association,  shall,  through  its  president,  have  con- 
trol of  all  settlements  of  land,  and  of  all  other  business 
of  the  association  along  its  line  :  Provided,  however,  That 
no  expenditures  of  the  funds  of  the  association  shall  be 
made  without  the  authority  of  the  general  board  thereof, 
and  all  net  profi  s  made  in  carrying  out  the  objects  of 
this  charter,  by  any  companj',  shall  be  paid  into  the 
treasury  of  the  association.  Full  reports  of  all  proceed- 
ings, and  exhibit  of  accounts,  as  well  as  final  settlements, 
shall  be  made  at  such  time  and  in  such  manner  as  the 
general  board  of  directors  shall  prescribe. 


Sec.  8.  Each  railroad  becoming  a  member  of  this  asso- 

Appointment  of         .  .  . 

agents.  ciation  shall  have  authority  to  appoint  agents  to  be  paid 


(109) 

by  the  appointing  compan}y,  for  the  purpose  of  inducing 
immigration  to  its  line,  but  such  agents  shall  be  subject 
to  the  control  of  the  General  Board  of  Directors,  and  all 
questions  involving  the  action  of  such  agents  shall  be  re- 
ferred to  such  board  of  directors,  whose  decision  shall 
bind  the  parties. 

Sec.  9  All  railroad  companies  in  this  State  becoming  Rat'i  of  fare  to 
members  of  this  association  shall  transport  bona  Jide  im- 
migrants and  settlers,  actually  making  settlements  in 
this  State,  for  not  exceeding  one  cent  per  mile,  for  one 
trip,  and  their  freight  and  baggage  when  moving  in  for 
settlement  at  not  exceeding  twenty  cents  per  hundred 
pounds  for  one  hundred  miles.  The  provisions  of  this 
section  shall  extend  to  the  carrying  of  persons  and  freights 
over  all  the  lines  of  the  members  of  this  association 
without  regard  to  the  place  of  settlement  of  the  immi- 
grants or  settlers. 

Sec.  10.  If  any  net  profits  shall  accrue  to  the    railroad  profits, 
immigration  association,  they   shall  be   divided   among 
the  subscribing  companies  in  proportion  to  the  net  profit 
of  each  line,  at  such  time  as    may   be   prescribed  by  the 
general  board  of  directors. 

Sec.  11.  The  stockholders  of  this  association  shall  pre-  Annual  meeting, 
scribe  the  time  and  place  of  their  annual  meetings.  The 
general  board  of  directors  may  call  a  meeting  of  stock- 
holders at  any  time  they  may  think  proper,  and  any 
number  of  stockholders  having  paid  in  one-tenth  of  the 
whole  amount  of  stock  paid,  may  call  a  special  meeting 
on  notice  of  sixty  days  at  least,  in  one  or  more  newspa- 
pers published  in  Raleigh,  specifying  the  purpose  of  the 
meeting.  In  all  meetings,  each  company  shall  be  en- 
titled to  a  vote  in  proportion  to  the  amount  paid  in  by 
the  same,  and  each  board  of  directors  of  said  company 
shall  appoint  a  proxy  to  cast  the  vote  of  their  company, 


Quorum. 


First  meeting. 


(110) 

but  do  one  but  the  president  or  a  director  of  such  com- 
pany shall  be  a  proxy. 

Sec.  12.  A  majority  of  the  general  board  of  directors  of 
this  association  shall  be  a  quorum  for  the  transaction  of 
business.  If  the  president  of  the  association  be  absent, 
the  members  present  shall  select  a  presiding  officer. 

Sec.  12.  For  the  purpose  of  organizing  this  association 
the  Board  of  Directors  of  the  first  of  the  above  named 
Railroad  Companies  shall,  through  their  president,  with- 
in sixty  days  after  the  ratification  of  this  act,  call  a  meet- 
ing of  the  presidents  of  all  the  railroad  companies  herein 
authorized  to  become  members  of  this  association,  and 
also  of  delegates,  one  to  be  appointed  by  each  of  the 
boards  of  said  companies,  at  Raleigh,  after  giving  fifteen 
days  notice  of  the  time  and  place  of  meeting,  provided, 
that  each  board  may,  in  their  discretion,  be  represented 
by  their  president  alone.  At  the  meeting  so  held  the 
representatives  of  any  one  or  more  companies  may  ac- 
cept this  charter — and  thereupon  the  association  shall  be 
fully  organized  ;  and  the  representatives  so  accepting, 
shall  provide  for  a  meeting  of  the  general  board  of  di- 
rectors hereinbefore  authorized.  But  no  company  shall 
be  bound  by  the  action  aforesaid,  if  the  stockholders  at 
the  first  meeting  held  thereafter  shall  disapprove  such 
action. 

Any  Company  .... 

may  withdraw  Sec.  14.  Any  railroad  company  may   retire    from  this 

Horn  Association.  •>  _  r       J  ^ 

association  after  giving  one  year's  notice,  having  first 
paid  all  its  dues  to  the  association  incurred  up  to  the 
time  of  retirement. 


When  act  to  be  in 
forca. 


Sec.  15.  This  act  shall  be  in  force  from  its  ratification. 
[Ratified  the  4th  day  of  April,  1871.] 

The  following  Act  was  ratified  4th  of  December,  1871 : 


(iii) 

AN  ACT  TO  AMEND  THE  CHARTER  OP  THE  RALEIGH  AND  GASTON 
RAILROAD  COMPANY. 

Section  1.   The  General  Assembly  of  North  Carolina  do  t™rt™th\uv& 
enact,  That  section  one  (1)  of  an  act  of  the  General  As-  lml- 
sembly,  entitled  "an  act  to  amend  the  charter  of  the  Ral- 
eigh and  Gaston  Railroad  Company,"  ratified  the  fourth 
day  of  March,   one  thousand  eight  hundred  and  sixty- 
seven,  be  amended  so  as  to  read  as  follows :    That   the  stockholders  shall 
stockholders   of  the   Company  at  the  regular  meetings  and  Director", 
thereof,  shall  elect  a  President  and  six  Directors,  each  of 
whom  shall  be  a  stockholder  in  said  Company,  and  shall 
constitute  the  Board  of  Directors  of  said  Company,  with 
power  to  manage  all  the  affairs  thereof,  and  shall  continue 
in  office  for  one  year,  or  until  their  successors  are  elected. 
In  the  election  of  President  and  Directors,  and  whenever  Eeaeh  share  of 

liiii  i  i  iiiii     n  stock  entitled  to 

a  vote  by  stock  shall  be  taken,  each  stockholder  shall  cast  one  vote. 

one  vote  for  each  share  of  gtock  owned  by  him.     The 

President  and  any  three  members  of  the  board,  or  in  the  Three  member* 

i  e  j.i       -r>        •  i       j.  c  i  e  j.i       i  i     with  president   or 

absence  of  the  President,  any  lour  members  of  the  board,  four  without,  con- 
shall  constitute  a  quorum  for  the  transaction  of  business, 
and  shall  elect  one  of  their  number  President  pro  tern.  In 
case  any  vacancy  shall  occur  in  the  office  of  President  or  vacancy  how 
Directors,  by  death  or  resignation,  or  otherwise,  such 
vacancy  shall  be  filled  by  the  appointment  of  the  board 
until  the  next  election. 

Sec  2.  That  all  parts  of  sections  and  clauses  of  the  ori-  conflicting  acts 
ginal  charter  of  said  Company,  and  amendments  thereto  repea  ed- 
coming  in   conflict   with  this  act,  be,  and  the  same  are 
hereby  repealed. 

Sec.  3.  That  upon  the  acceptance  of  this  act  as  a  part  when  accepted 
of  the  charter  of  said  Company  by  the  stockholders  repre-  charter?  part  ot 
senting  a  majority  of  the  stock  at  the  first  general  meet- 
ing of  the  stockholders  thereof,  it  shall  become  and  con- 
stitute a  part  of  the  charter  of  said  Company. 


(US) 

When  takes  effect.       Sec.  4.  That  this  act  shall  he  in  force  from  and  after  its 
ratification. 

[Ratified  the  4th  day  of  December,  1871] 

The  above  Act  was  accepted  at  an  adjourned  meeting 
of  Stockholders  held  3rd  of  October,  1872. 

The  following  act  was  ratified  13lh  December,  1871.  It 
is  given  here  because  of  its  bearing  on  the  preferred  stock 
of  the  Raleigh  and  Augusta  Air-Line  Railroad  held  by 
the  Raleigh  and  Gaston  Railroad: 


Change  of  name. 


AN  ACT  CONCERNING  THE  CHATHAM  RAILROAD,  AMEND- 
ATORY OF  CERTAIN  ACTS  AND  AUTHORIZING  A  CHANGE 
OF    NAME. 


Section  1.   The  General  Assembly  of  North  Carolina  do 
Extension  of  road,  ennct,  That  the  Chatham  Railroad  Company  shall  here- 
after be  known   by  the  corporate  name  of  the  "  Raleigh 
and  Augusta  Air  Line  Railroad  Company." 


Privilege  of 
branch  roads. 


Sec.  2.  That  it  shall  be  lawful  for  the  said  railroad 
company  to  change  the  line  of  its  road  as  heretofore  pre- 
scribed, so  as  to  extend  it  from  its  present  terminus  or 
such  point  on  the  line  of  the  same  as  it  ma}r  deem  advis- 
able, to  such  point  on  the  South  Carolina  line  in  the 
direction  of  Augusta,  in  the  State  of  Georgia,  as  the  said 
company  may  deem  most  eligible,  and  as  much  farther 
as  may  be  authorized  by  the  States  of  South  Carolina  and 
Georgia,  and  to  locate  and  construct  such  branch  road  or 
roads,  not  exceeding  in  length,  from  the  line  of  said  rail- 
road as  may  be  authorized  from  time  to  time  by  the 
stockholders,  and  in  building  and  the  use  of  such  branch 
railroads  the  said  company  shall  have  all  the  rights, 
privileges  and  immunities  granted  to  it  by  the  act  to  in- 
corporate the  Chatham  Railaoad  Company,  and  other 
acts  amendatory  and  supplementary  to  the  same  and  of 
this  act. 


(113) 
Skc.  3.  If  the  capital  stock  of  the   said    company  now  insufficient  funds 

r  l        J  to  be  increased  by 

authorized  shall  be  deemed  insufficient  for  the  purposes  additional  shares, 
of  this  act  it  shall  and  may  be  lawful  for  the  company  in 
general  meeting  from  time  to  time  to  increase  the  same 
by  the  addition  of  as  many  shares  as  they  may  deem  re. 
quisite,  and  the  board  of  directors,  with  the  consent  of  a 
majority  of  the  votes  of  all  the  stockholders  in  general 
meeting  may  make  such  portion  of  the  capital  stock  al- 
ready authorized,  or  if  any  additions  to  the  same  as  they 
may  deem  advisable,  a  guaranteed  or  preferred  stock, 
upon  which  guaranteed  or  preferred  stock,  such  interest 
or  dividends  may  be  guaranteed  as  the  directors  may 
deem  advisable ;  and  the  directors  may,  with  the  consent 
of  a  majority  of  the  votes  of  all  the  stockholders   in  gen-  Mortgage  upon 

,  ,.  ,  ,       ,     .      ,  ,.    .     property  author- 

eral  meeting,  secure  such  guaranteed  interest  or  divi-  i*>a. 
dends  by  liens  or  mortgages  upon  all  the  property  and 
franchise  and  income  of  the  company,  or  upon  any  por- 
tion thereof,  and  the  directors  may.  in  their  discretion, 
authorize  subscriptions  to  be  received  for  such  additional 
stock,  (either  common  or  guaranteed,  or  both,)  at  such 
prices  and  in  such  manner  as  may  be  prescribed  by  them, 
and  may  sell  the  same  or  any  part  thereof  for  the  benefit 
of  the  Company  :  Provided,  That  the  entire  capital  stock  Proviso, 
so  created  shall  not  exceed  five  millions  of  dollars.  And 
the  said  board  of  directors,  with  the  consent  of  a  majority 
of  the  votes  of  all  the  stockholders,  shall  have  power  to 
borrow  money  for  the  purposes  of  the  railroad  authorized 
by  this  act ;  and  for  loans  made  by  them  to  issue  bonds 
with  or  without  the  privilege  of  conversion  into  stock  in 
such  amounts,  and  payable  at  such  times  and  places,  and 
at  such  rates  of  interest,  as  they  may  determine,  and  to 
pledge  the  property  and  franchises  and  income  of  the 
company,  or  any  portion  thereof,  by  mortgage  or  other- 
wise for  the  payment  of  the  principal  of  the  same  and  the 
interest  that  may  accrue  thereon. 

Sec.  4.  Authority  is  hereby  given  to  the  Raleigh  and  companies  of  dif- 

r\      l         t>    "i         j    r\  i^-ii  ferent  roads  can 

Uaston  Kailroad  Company,  or  any  other  railroad  com-  subscribe  to  or 

is  purchase  stock. 


(114) 

pany  connecting  therewith,  to  subscribe  to  or  purchase 
stock  of  any  kind  of  the  said  Raleigh  and  Augusta  Air- 
Line  Railroad  Company,  and  in  order  to  enable  them  to 
make  such  subscription  or  purchase,  it  shall  be  lawful 
to0beg)sfued0nds  ^or  any  sucn  company  to  issue  mortgage  bonds  for  such 
-  amount  and  of  such  form,  and  of  such  rate  of  interest  as 
it  may  deem  advisable;  and  it  shall  be  lawful  for  any 
such  company  to  purchase  or  endorse  the  mortgage  bonds 
of  the  Raleigh  and  Augusta  Air-Line  Railroad  Com- 
pany. 

Se^byPubi'ic  Sec-  5-  The  said  Raleigh  and  Augusta  Air-Line  Rail- 
Treasurer,  road  Company  may,  at  any  time  hereafter,  discharge  the 
bonds  of  Chatham  Railroad  Company,  deposited  with 
the  Public  Treasurer,  in  the  same  manner  and  not  other- 
wise as  the  said  Chatham  Railroad  Company  is  now  au- 
thorized by  law  to  do,  and  the  Public  Treasurer  is  hereby 
directed  to  return  to  the  said  Raleigh  and  Augusta  Air- 
Line  Railroad  Company  the  said  bonds  of  said  Chatham 
Railroad  Company  on  payment  in  the  manner  above  pre- 
scribed, until  the  whole  amount  of  said  bonds  of  the 
Chatham  Railroad  Company,  held  by  the  State,  shall 
have  been  surrendered. 

conflicting  acts         Sec.  6.  All  acts  and  parts  of  acts  heretofore  passed,  in- 
consistent with  this  act,  are  hereby  repealed. 

when  act  to  be  in      Sec.  7.  This  act  shall  be  in   force  from  and  after  its 

force 

ratification. 

[Ratified  the  loth  day  of  December,  A.  D.  1871.] 

The  following  Act  was  ratified  1st  of  March,  1S73 : 

AN  ACT  TO  REGULATE  MORTGAGES  BY  CORPORATIONS,  AND  SALES 
UNDER   THE  SAME 

skies  under  de.ds      Section  1.    The  General   Assembly  of  North  Carolina  do 
enact,  That  if  a  sale   be   made  under  a   deed  of  trustor 


(115) 

mortgage,  executed  by  &.uy  company  on  all  its  works  and 
property,  and  there  be  a  conveyance  pursuant  thereto, 
such  sale  and  conveyance  shall  pass  to  the  purchaser  at 
the  sale  not  only  the  works  and  property  of  the  company 
as  they  were  at  the  time  of  making  the  deed  of  trust  or 
mortgage,  but  any  works  which  the  company  may,  after 
that  time  and  before  the  sale,  have  constructed,  and  all 
other  property  of  which  it  may  be  possesed  at  the  time 
of  the  sale,  other  than  debts  due  to  it.  Upon  such  con- 
vejrance  to  the  purchaser,  the  said  company  shall,  ipso 
facto,  be  dissolved,  and  the  said  purchaser  shall  forthwith 
be  a  corporation,  by  any  name  which  may  be  set  forth  in 
the  said  conveyance,  or  in  an}r  writing  signed  by  him 
and  recorded  in  the  same  manner  in  which  the  convey- 
ance shall  be  recorded. 

Sec.  2.  The  corporation  created  by  or  in  consequence  corporation  cre- 
of  such  sale  and  conveyance  shall  succeed  to  all  such  succeed  to  rig-hts, 
franchises,  rights  and  privileges,  and  perform  all  such 
duties  as  would  have  been  had  or  should  have  been  per- 
formed by  the  first  company  but  for  such  sale  and  con- 
veyance, save  only  that  the  corporation  so  created  shall 
not  be  entitled  to  the  debts  due  to  the  first  company,  and 
shall  not  be  liable  for  any  debts  of,  or  claims  against,  the 
said  first  company  which  may  not  be  expressly  assumed 
in  the  contract  of  purchase  ;  and  that  the  whole  profits  of 
the  business  done  by  such  corporations  shall  belong  to  the 
said  purchaser  and  his  assigns.  His  interest  in  the  cor- 
poration shall  be  personal  estate,  and  he  or  his  assigns 
may  create  so  many  shares  of  stock  therein  as  he  or  they 
may  think  proper,  not  exceeding  together  the  amount  of 
stock  in  the  first  company  at  the  time  of  the  sale,  and  as- 
sign the  same  in  a  book  to  be  kept  for  that  purpose.  The 
said  shares  shall  thereupon  be  on  the  footing  of  shares  in 
joint  stock  companies  generally,  except  only  that  the  first 
meeting  of  the  stockholders  shall  be  held  on  such  day 
and  at  such  place  as  shall  be  fixed  by  the  said  purchaser, 


(lift) 

bf  which  notice  shall  be   published  for  two   weeks  in  a 
newspaper. 


Expiration  of  cor 
poration,  etc. 


Pro  v;  so. 


Extent  of  -this 
act. 


Sec.  3.  When  such  corporation  shall  expire  or  be  dis- 
solved, or  its  corporate  rights  and  privileges  shall  have 
ceased,  all  its  works  and  property  and  debts  due  to  it  shall 
be  subject  to  the  payment  of  debts  due  by  it,  and  then  to 
distribution  among  the  members  according  to  their  re- 
spective interests  ;  and  such  corporation  may  sue  and  be 
sued  as  before  for  the  purpose  of  collecting  debts  due  to  it 
prosecuting  rights  under  previous  contracts  with  it,  and 
enforcing  its  liabilities  and  distributing  the  proceeds  of 
its  works,  property  and  debts  among  those  entitled  thereto: 
Provided,  That  all  debts  and  contract  of  any  corporation 
prior  to  or  at  the  time  of  the  execution  of  any  mortgage 
or  deed  of  trust  by  such  corporation,  shall  have  a  first  lien 
upon  the  property,  rights  and  franchises  of  said  corpo- 
ration, and  shall  be  paid  off  or  secured  before  such  mort- 
gage or  deed  of  trust  shall  be  registered. 

Sec.  4.  The  provisions  of  this  act  shall  not  apply  to  any 
company  in  wrhich  the  State  of  North  Carolina  has  any 
interest. 


When  to  be  in         ^EC<  ^'  This  act  shall  be  in  force  from  and  after  its  rat- 
force*  ification. 


[Ratified  the  1st  day  of  March,  1873.] 


The  following  two  cases  decided  in  the  Supreme  Court 
of  the  United  States  are  given  as  decisive  of  the  im- 
portant right  of  exemption  of  the  Raleigh  and  Gaston 
Kailroad  Company  from  taxation  : 


(lit) 


WILMINGTON  RAILROAD  v.  REID,  Sheritf. 

[13  Wallace,  26 1— 278.] 

1.  A  Statute  exempting  all  the  property  of  a  railroad  corporation 
from  taxation,  exempts  not  only  the  rolling  stock  and  real  estate 
owned  by  it  and  required  by  the  Company  for  the  successful  prose- 
cution of  its  business,  but  its  franchise  also. 

2.  A  charter  to  a  railroad  company  containing  such  an  exemption,  is 
a  contract ;  and  a  law  subsequently  passed,  laying  a  tax  on  the 
Company's  franchise,  rolling  stock,  or  real  property,  violates  the 
obligation  of  the  contract,  and  is  void. 

Error  to  the  Supreme  Court  of  North  Carolina  ;  the 
case  being  thus : 

In  1853,  the  Legislature  of  North  Carolina  chartered 
the  Wilmington  and  Raleigh  Railroad  Company.  One 
section  of  the  charter  ran  thus  : 

"It  shall  be  lawful  for  the  President  and  Directors  to 
purchase  with  the  funds  of  the  Company,  and  place  on 
the  said  railroad  all  machines,  wagons,  vehicles,  carriages, 
and  teams  of  any  description  whatsoever,  which  may  be 
deemed  necessary  for  the  purposes  of  transportation  ;  and 
all  the  property  purchased  by  the  said  President  and 
Directors  and  that  which  may  be  given  to  the  Company, 
and  the  works,  constructed  under  the  authority  of  this 
act,  and  all  profits  accruing  on  the  said  works  and  the 
said  property  shall  be  vested  in  the  respective  share- 
holders of  the  Company  and  their  successors  and  assigns 
forever,  in  proportion  to  their  respective  shares ;  and  the 
shares  shall  be  deemed  personal  property ;  and  the  prop* 
erty  of  said  Company  and  the  shares  therein  shall  be  ex- 
empt from  any  public  charge  or  tax  whatsoever." 

With  this  charter  in  force,  the  franchise  and  rolling 
stock  of  the  Company  were  assessed,  under  a  subsequent 
law  and  pursuant  to  it  for  taxation  by  the  State  of  North 
Carolina  and  the  county  of  Halifax,  in  two  parts — one, 
the  apportioned  share  for  the  county  of  Halifax,  assessed 


(118) 

in  each  case  upon  the  entire  franchise  and  rolling  stock 
jointly,  and  the  other  a  tax  assessed  upon  certain  lots  of 
land  in  Halifax  county,  appurtenant  to  and  forming  a 
part  of  the  property  of  the  Company,  and  necessary  to  its 
business. 

On  application  for  injunction  agains':  one  Reid,  Sheriff, 
who  was  going  to  seize  the  Company's  property  for  non- 
payment of  the  tax — the  application  for  the  injunction 
being  made  on  the  ground  that  the  subsequent  law  im- 
paired the  obligation  of  a  contract  the  Supreme  Court 
of  the  State  adjudged  that  the  law  did  not  do  this,  and 
that  the  tax  was  valid.  The  case  was  accordingly  now 
brought  here  by  the  Company  to  review  that  judgment. 

It  may  be  here  added  that  provisions  exempting  the 
property  of  companies  chartered  by  it,  exist  in  the  cases 
of  numerous  companies  incorporated  by  the  Legislature 
of  North  Carolina;  beginning  with  the  charter  to  the 
Dismal  Swamp  Canal  Company,  A.  D.  1790.  In  some 
cases  the  provision  exempted  the  Company  from  all  taxes 
forever  ;  in  others  but  for  a  limited  time.  In  some  all 
dividends  were  exempted  ;  in  others,  dividends  when  not 
exceeding  a  certain  rate  per  cent.  Such  exemptions  are 
more  observable  in  earlier  times  than  in  later  ones. 

Mr  W.  H.  Battle,  in  support  of  the  ruling  below. 
Messrs.  Carlisle,  McPherson,  and  B.  F.  Moore,  contra. 

Mr.  Justice  Davis  delivered  the  opinion  of  the  Court. 

It  has  been  so  often  decided  by  this  Court  that  a  char- 
ter of  incorporation  granted  by  a  State  creates  a  contract 
between  the  Stale  and  the  corporators,  which  the  State 
cannot  violate,  that  it  would  be  a  work  of  supererogation 
to  repeat  the  reasons  on  which  the  argument  is  founded. 

It  is  true  that  when  a  corporation  claims  an  exemption 
from  taxation,  it  must  show  that  the  power  to  tax  has 
been  clearly  relinquished  by  the  State,  and  if  there  be  a 
reasonable  doubt  about  this  having  been  done,  that  doubt 
must  be  solved  in  favor  of  the  State. 


(119) 

If,  however,  the  contract  is  plain  and  unambiguous, 
and  the  meaning  of  the  parties  to  it  can  be  clearly  ascer- 
tained, it  is  the  duty  of  the  Court  to  give  effect  to  it  the 
same  as  if  it  were  a  contract  between  private  persons 
without  regard  to  its  supposed  injurious  effects  upon  pub^ 
lie  interests. 

It  may  be  conceded  that  it  were  better  for  the  interest 
of  the  State  that  the  taxing  power,  which  is  one  of  the 
highest  and  most  important  attributes  of  sovereignty, 
should  on  no  occasion  be  surrendered. 

In  the  nature  of  things  the  necessities  of  the  govern- 
ment cannot  always  be  foreseen,  and  in  the  changes  of 
time,  the  ability  to  raise  revenue  from  every  species  of 
property  may  be  of  vital  importance  to  the  State,  but  the 
courts  of  the  country  are  not  the  proper  tribunals  to  ap- 
ply the  corrective  to  improvident  legislation  of  this  char- 
acter. If  there  be  no  constitutional  restraint  on  the 
action  of  the  Legislature  on  this  subject,  there  is  no  rem- 
edy, except  through  the  influence  of  a  wise  public  senti- 
ment, reaching  and  controlling  the  conduct  of  the  law- 
making power. 

There  is  no  difficulty  whatever  in  this  case.  The  Gen- 
eral Assembly  of  North  Carolina,  told  the  Wilmington 
and  Weldon  Railroad  Company,  in  language  which  no 
one  can  misunderstand,  that  if  they  would  complete  the 
work  of  internal  improvement  for  which  they  were  in- 
corporated, their  property  and  the  shares  of  their  stock- 
holders should  be  forever  exempt  from  taxation.  This 
is  not  denied,  but  it  is  contended  that  the  subsequent 
legislation  does  not  impair  the  obligation  of  the  con- 
tract and  this  presents  the  only  question  in  the  case. 
The  taxes  imposed  are  upon  the  franchise  and  rolling 
stock  of  the  company  and  upon  lots  of  land  appurtenant 
to  and  forming  part  of  the  property  of  the  company  and 
necessar}r  to  be  used  in  the  successful  operation  of  its  bus- 
iness. 

It  certainly  requires  no  argument  to  show  that  a  rail- 
road corporation  cannot  perform  the  functions  for  which 


(120) 

it  was  created  without  owning  rolling  stock,  and  a  limi- 
ted quantity  of  real  estate  and  that  these  are  embraced 
in  the  general  term  property.  Property  is  a  word  of 
large  import  and  in  its  application  to  this  company  in- 
cluded all  the  real  and  personal  estate  required  by  it  for 
the  successful  prosecution  of  its  business.  If  it  had  ap- 
peared that  the 'company  had  acquired  either  real  or 
personal  estate  beyond  its  legitimate  wants,  it  is  very  clear 
that  such  acquisitions  would  not  be  within  the  protection 
of  the  contract,  but  no  such  case  has  arisen  and  we  are 
only  called  upon  to  decide  upon  the  case  made  by  the 
record,  which  shows  plainly  enough  that  the  company 
has  not  undertaken  to  abuse  the  favor  of  the  Legislature. 

It  is  insisted,  however,  that  the  tax  on  the  franchise  is 
something  entirely  distinct  from  thepropert}'-  of  the  cor- 
poration, and  that  the  Legislature  therefore,  was  not  in- 
hibited from  taxing  it.  This  position  is  equally  unsound 
with  the  others  taken  in  this  case.  Nothing  is  better  set- 
tled than  that  the  franchise  of  a  private  corporation 
which  in  its  application  to  a  railroad  is  the  privilege  of 
running  it  and  taking  fare  and  freight,  is  property  and 
of  the  most  valuable  kind,  as  it  cannot  be  taken  for  pub- 
lic use  even  without  compensation*  Ic  is  true  it  is  not 
the  same  sort  of  property  as  the  rolling  stock,  road-bed 
and  depot  grounds,  but  it  is  equally  with  them  covered 
bv  the  general  term,  "  the  property  of  the  company"  and 
therefore  equally  within  the  protection  of  the  charter. 

Ft  is  nee.lless  to  argue  the  point  further,it  is  clear  that  the 
legislation  in  controversy  did  impair  the  obligation  of 
the  contract,  which  the  General  Assembly  of  North  Car- 
olina made  with  the  plaintiff  in  error,  and  it  follows  that 
thejudment  of  the  Supreme  Court  must  be  reversed  and 
the  cause  remanded  for  further  proceedings. 

In  conformity  with  this  opinion. 


*Redfie!d  on  Railways,  129— 'JO 


(121) 


NOTE. 

At  the  same  time  with  the  preceding  case  was  adjudged  another 
from  the  same  court,  the  two  cases  being  of  kindred  character  and 
alike  in  their  essential  features,  the  difference  between  the  two  consis- 
ting chiefly  in  the  extent  of  the  exemption.  It  was  the  case  of 

THE    RALEIGH    AND    GASTON    RAILROAD    COMPANY    vs. 
REID,  Sheriff. 

The  principle  of  the  preceding  case  affirmed  in  a  case  where  the  ex- 
emption from  taxation  was  limited  to  a  term  of  years,  and  where  the 
dividends  did  not  exceed  a  certain  sum. 

In  the  ease  just  above  adjudged  and  reported,  the 
propert}7  of  the  railroad  company  could  not  by  its  charter 
be  taxed  under  anjr  circumstances.  In  the  case  of  the 
charter  of  the  railroad  company  now  under  consideration 
the  exemption  was  limited  to  a  term  of  fifteen  years. 
After  this  limitation  expired  the  Legislature  was  at  lib- 
erty to  tax  the  individual  shares  of  the  stockholders 
whenever  their  annual  profits  exceed  8  per  cent,  pro- 
vided that  the  tax  did  not  exceed  twent}T-five  cents  a 
share  per  annum.  The  pleadings  in  the  case  showed 
that  the  annual  profits  on  the  shares  never  reached  8  per 
cent. 

Messrs.  Carlisle,  McPherson  and  B.  F.  Moore,  for  the 
plaintiff  in  error. 

It  is  laid  down  in  Lord  Hobart's  reports  that  affirma- 
tives in  statutes  that  introduce  a  new  rule  imply  a  nega- 
tive of  all  else.  Father  Plowden  equally  declares  that 
when  a  statute  limits  a  thing  to  be  done  in  a  particular 
mode,  it  includes  a  negative  of  any  other  mode.  The 
tax  is  in  violation  of  rules  thus  anciently  and  authorita- 
tively laid  down  ;  rules  conformed  to  obvious  sense  and 
justice. 

16 


(122) 

Mr.  W.  H.  Battle,  contra,  argued  that  such  exemptions 
were  so  grossly  impolitic  that  they  could  not  be  consid- 
ered as  legitimate  exercise  of  legislative  power. 

Mr.  Justice  Davis  delivered  the  opinion  of  the  court. 

The  only  way  in  which  the  property  of  this  company 
could  be  reached  for  taxation  at  all  was  after  the  limita- 
tion of  the  fifteen  years  had  expired. 

The  Legislature  was  then  at  liberty  to  tax  the  individ- 
ual shares  of  the  stockholders,  whenever  their  annual 
profits  exceed  8  per  cent.  When  a  statute  limits  a  thing 
to  be  done  in  a  particular  mode,  it  includes  a  negative 
of  any  other  mode.  It  wa3  the  manifest  object  of  the 
legislation  which  incorporated  this  company  to  invite 
the  investment  of  capital  in  the  enterprise  of  building 
this  road,  and  no  means  better  adapted  for  the  purpose, 
could  have  been  devised,  short  of  total  immunity  from 
taxation.  As  long  as  the  capital  was  unproductive  it 
contributed  nothing  to  the  support  of  the  government 
and  even  after  it  became  remunerative,  its  contribution 
was  fixed  by  the  terms  of  the  charter  and  could  not,  in 
any  event,  exceed  twenty-five  cents  on  the  share  of  stock. 
The  impolicy  of  this  legislation  is  apparent,  but  there  is 
no  relief  to  the  State  for  the  rights  secured  by  the  con- 
tract are  protected  from  invasion  by  the  constitution  of 
the  United  States. 

As  the  pleadings  show  that  the  annual  profits  on  the 
shares  of  stock  have  never  reached  8  per  cent,  it  follows 
that  they  were  not  subject  to  any  public  charge  of  tax. 

Judgement  reversed  and  the  cause  remanded  for  fur- 
ther proceedings. 

In  conformity  with  this  opinion. 


fl23) 

THE  MORTGAGE  INDEBTEDNESS  OF  THE  RALEIGH  AND  GASTON 
RAILROAD. 

The  only  indebtedness  of  the  Raleigh  and  Gaston 
Railroad  Company  at  this  date  (August  1st.  1877,)  is  the 
mortgage  of  $1,000,000  authorized  as  will  be  seen  below. 
Of  this  $860,000  have  been  issued.  Further  issue  of  bonds 
have  been  discontinued  for  the  present  by  resolution  of 
the  Board  of  Directors  of  20th  of  July,  1877. 

Copy  of  the  Resolutions  referred  to  in  the  deed  hereto  annexed. 
Resolutions  adopted  by  the  Stockholders'  Meeting,  October  3, 
1872.     Yeas,  10,927  votes,  Nays,  1,899  votes. 

Whereas,  the  General  Assembly  of  North  Carolina, 
by  an  act,  entitled  "An  Act  concerning  the  Chatham 
Railroad  Company,  amendatory  of  certain  acts,  and  au- 
thorizing a  change  of  name,"  which  act  was  ratified  on 
the  13th  day  of  December,  1871,  and  accepted  by  the 
stockholders  of  the  Chatham  Railroad  Company  on  the 
9th  day  of  January,  1872,  did  change  the  name  of  the 
Chatham  Railroad  Company  to  that  of  the  Raleigh  and 
Augusta  Air  Line  Railroad  Company,  and  by  said  act 
.gave  permission  to  said  Railroad  Company  to  extend 
the  road  to  the  South  Carolina  line,  in  the  direction  of 
Augusta,  Georgia,  to  enable  it  to  do  which  it  authorized 
said  Railroad  Company  to  increase  its  capital  stock  by 
the  issue  of  guaranteed  or  preferred  stock,  and  bonds  se- 
cured by  mortgage  on  its  property,  franchises  and  in- 
come, and  by  section  4  of  said  act,  did  enact  "That  au- 
thority is  hereby  given  the  Raleigh  and  Gaston  Railroad 
Company,  or  any  other  railroad  company  connecting 
therewith,  to  subscribe  to  or  purchase  stock  of  any  kind 
in  the  said  Raleigh  and  Augusta  Air  Line  Railroad  Com- 
pany, and  in  order  to  enable  them  to  make  such  sub- 
scription or  purchase,  it  shall  be  lawful  for  any  such 
company  to  issue  mortgage  bonds  for  such  amount,  and 
of  such  form   and  for  such  rate  of  interest  as  it  may 


(12i) 

deem  advisable,  and  it  shall  be  lawful  for  such  Company 
to  purchase  or  endorse  the  mortgage  bonds  of  the  Ral- 
eigh and  Augusta  Air  Line  Railroad  Company." 

And  whereas,  The  material  interests  and  future  pros- 
perity of  the  Raleigh  and  Gaston  Railroad  Company  is 
so  much  dependent  upon,  and  linked  with  that  of  the 
Raleigh  and  Augusta  Air  Line  Railroad  Company,  that 
it  has  become  of  paramount  importance  to  the  interests 
of  the  former,  that  the  Raleigh  and  Augusta  Air  Line 
Railroad  should  be  completed  at  an  early  day,  to  at  least 
a  junction  with  the  Wilmington,  Charlotte  and  Ruther- 
ford Railroad,  at  such  point  as  may  be  found  t  most  de- 
sirable.    Therefore, 

Be  it  resolved  by  the  stockholders  of  the  Raleigh  and  Gaston 
Railroad  Company,  in  general  meeting  assembled,  That  the 
President  and  Directors  of  this  Company  are  hereby  au- 
thorized and  empowered  to  subscribe  to  or  purchase 
guaranteed  or  preferred  stock,  or  the  mortgage  bonds  of 
the  Raleigh  and  Augusta  Air-Line  Railroad  Company  to 
such  extent  as  they  may  deem  advisable. 

Resolved.,  For  the  purpose  of  providing  means  for  the 
above  object,  that  the  President  and  Directors  be  and 
they  are  hereby  authorized  and  empowered  to  have  pre- 
pared coupon  bonds  of  the  Company,  bearing  interest  at 
the  rate  of  eight  per  cent,  per  annum,  free  of  all  taxation, 
in  amounts  of  one  thousand  ($1,000)  dollars  each,  to  such 
extent  as  they  may  deem  advisable,  not  exceeding  in  the 
aggregate  one  million  of  dollars  ;  the  said  bonds  to  bear 
date  the  first  day  of  January,  1873,  the  principal  of  the 
same  to  be  payable  the  first  day  of  January,  1898,  and 
the  interest  in  the  meantime,  semi-annually,  on  the  first 
days  of  July  and  January  in  each  year,  and  both  interest 
and  principal  to  be  paid  as  the  holder  of  any  of  the  bonds 
may  prefer,  at  the  office  of  the  Company  in  Raleigh,  or 
in  the  city  of  Philadelphia ;  and  the  said  President  and 
Directors  are  hereby  authorized  and  empowered,  for  the 
purpose  of  securing  the  punctual  payment  of  the  interest, 
and  the  payment  of  the  principal  of  said  bonds,  to  exe- 


(125) 

elite  a  mortgage  or  deed  of  trust  upon  the  railroad  and 
its  franchises,  and  all  other  property  of  the  Company  of 
every  description,  in  such  manner  and  form,  and  on  such 
conditions  as  they  may  deem  mcst  advisable. 

Resolved,  That  the  President  and  Directors  be,  and  they 
are  hereby  authorized  and  empowered  to  negotiate  a  sale 
or  sales  of  the  above  bonds,  at  such  time  or  times  as  they 
may  deem  advisable;  and  that  the  seal  of  the  Company 
be  affixed  to  said  bonds  only  as  the  same  may  be  sold  or 
delivered  for  negotiation  ;  the  affixing  of  said  seal  shall 
be  attested  by  the  signatures  of  three  Directors  of  the 
Company. 

Extract  from  the  minutes  of  proceedings  of  the  Board  of  Di- 
rectors of  the  Raleigh  and.  Gaston  Railroad  Company,  in 
session  October  4,  1872. 

"Resolved,  That  in  pursuance  of  the  resolutions  of  the 
stockholders,  as  passed  at  their  annual  meeting  on  the 
3d  inst.,  the  President  and  two  members  of  this  Board  be 
appointed  a  committee,  to  have  the  form  of  coupon  bond 
and  mortgage,  or  deed  of  trust,  prepared  and  submitted 
to  the  Board  for  approval.  In  pursuance  of  the  foregoing 
resolution,  W.  J.  Hawkins,  President,  and  George  W. 
Grice  and  Joseph  B.  Batchelor,  were  appointed  a  com- 
mittee. 

At  a  meeting  of  the  President  and  Directors  of  the 
Raleigh  and  Gaston  Railroad  Company,  held  on  the  23d 
day  of  April,  A.  D.,  1873,  the  committee  appointed  on 
the  4th  day  of  October,  1872,  submitted  their  report, 
which  was  approved,  and  the  following  resolutions  were 
thereupon  adopted : 

1.  Resolved,  That  under  the  authority  and  power  given 
by  the  stockholders,  in  general  meeting  on  the  3d  day  of 
October,  1872,  the  President  and  Directors  will  subscribe 
to  or  purchase  guaranteed  or  preferred  stock  of  the 
Raleigh  and  Augusta  Air-Line  Railroad  Company  to  such 
extent  as  may  be  practicable  with  the  means  properly 
applicable  to  this  object. 


(126) 

2.  Resolved,  That  for  the  purpose  of  providing  such 
means,  there  be  printed  coupon  bonds  of  this  Company, 
bearing  interest  at  the  rate  of  eight  per  cent,  per  annum, 
free  of  all  taxation,  in  amounts  of  one  thousand  dollars 
each,  to  the  extent  of,  but  not  exceeding  in  the  aggregate 
one  million  of  dollars;  the  said  bonds  to  bear  date  the 
first  day  of  January,  1873,  the  principal  of  the  same  to 
be  payable  the  first  day  of  January,  1898,  and  the  inter- 
est in  the  meantime,  semi-annually,  on  the  first  days  of 
July  and  January  in  each'  year,  and  both  interest  and 
principal  to  be  paid  as  the  holder  of  any  of  the  bonds 
may  prefer,  at  the  office  of  the  Company  in  Raleigh,  or 
in  the  city  of  Philadelphia. 

3.  Resolved,  That  for  the  purpose  of  securing  the  punc- 
tual payment  of  the  interest,  and  the  payment  of  the 
principal  of  said  bonds,  a  deed  of  trust  be  now  executed, 
according  to  the  form  accompanying  said  report ;  and 
that  Edmund  Randolph  Robinson,  of  New  York,  Wil- 
liam ]STevins  Whelen,  of  Philadelphia,  and  ¥m.  E. 
Anderson,  of  Raleigh,  N".  C,  be  the  trustees  therein. 
Whereupon,  in  the  presence  of  this  Board,  and  by  its  au- 
thority, the  said  deed  was  sealed  with  this  Company's 
common  seal,  and  signed  by  the  President  and  two  of  the 
Directors  of  the  Company,  and  attested  by  a  witness. 

4.  Resolved,  That  it  is  advisable  to  negotiate  sales  of 
said  bonds ;  that  the  seal  of  the  company  be  affixed  to 
said  bonds  only  as  the  same  may  be  sold  or  delivered  for 
negotiation,  and  the  affixing  thereof  be  attested  as  pre- 
scribed by  the  resolutions  of  the  stockholders;  and  that 
the  President  report  to  the  Board  from  time  to  time  the 
terms  of  such  saJes. 

5.  Resolved,  That  the  President,  before  said  deed  of 
trust  shall  be  registered,  cause  all  debts  and  contracts  of 
this  company  prior  to,  or  at  the  time  of  the  execution  of 
said  deed,  to  be  paid  off  or  secured,  and  that  he  make  re- 
port to  the  board  of  his  proceedings  under  this  resolu- 
tion. 


(127) 


DEED  OF  TRUST. 

By  the  Raleigh  and  Gaston  Railroad  Company,  to  Edmund 
Randolph  Robinson,  of  New  York,  William  Nevins 
Whelen,  of  Philadelphia,  and  William  E.  Anderson 
of  Raleigh,  North  Carolina,  to  secure  the  -punctual  'payment 
of  the  interest  and  principal  of  one  thousand  first  mortgage 
eight  per  cent,  bonds,  $1,000  each,  and  copy  of  bond. 

Whereas,  "  An  act  to  incorporate  the  Raleigh  and 
Gaston  Railroad  Company,"  was  passed  by  the  General 
Assembly  of  the  State  of  North  Carolina,  at  the  session 
of  1835,  and  by  a  subsequent  act  of  the  thirteenth  clay  of 
December,  1871,  the  General  Assembly  of  the  same  State 
authorized  the  Raleigh  and  Augusta  Air  Line  Railroad 
Company  to  increase  its  capital  stock  and  authorized 
the  Raleigh  and  Gaston  Railroad  Company  to  subscribe 
to,  or  purchase  stock  of  any  kind  in  said  Raleigh  and 
Augusta  Air  Line  Railroad  Company,  and  in  order  to 
enable  them  to  make  such  subscription  or  purchase, 
made  it  lawful  for  said  Company  to  issue  mortgage  bonds 
for  such  amount,  and  of  such  form,  and  for  such  rate  of 
interest  as  it  may  deem  advisable:  And  whereas,  the 
stockholders  of  the  Raleigh  and  Gaston  Railroad  Com- 
pany in  general  meeting  resolved,  as  set  forth  in  their 
resolutions  of  the  third  day  of  October,  1872;  and  the 
President  and  Directors  of  said  Company  resolved,  as  set 
forth  in  their  resolutions  of  the  twenty-third  of  April,  A. 
D.  1873;  copies  of  which  resolutions,  as  well  as  of  the 
stockholders  as  of  the  directors,  are  hereto  subjoined. 

Therefore,  this  deed  made  on  the  day  last  mentioned, 
between  the  Raleigh  and  Gaston  Railroad  Company,  of 
the  first  part,  and  Edmund  Randolph  Robinson,  of  New 
York,  William  Nevins  Whelen,  of  Philadelphia,  and 
William  E.  Anderson,  of  Raleigh,  N.  C,  of  the  second 
part;  witnesseth,  that  this  deed  is  made  for  the  purpose 
of  securing  the  punctual  payment  of  t)he  interest,  and  the 


(128) 

payment  of  the  principal  of  the  coupon  bonds,  which 
may  be  sold  and  delivered  under  said  resolutions;  by 
each  of  which  said  bonds,  the  Raleigh  and  Gaston  Rail- 
road Company  acknowledge  themselves  indebted  in  the 
sum  of  one  thousand  dollars,  and  promise  to  pay  thesame 
to  the  order  of  W.  W.  Vass,  Treasurer  of  said  Compan}7, 
on  the  first  day  of  January,  1898,  with  interest,  at  the 
rate  of  eight  per  centum  per  annum,  payable  semi-annu- 
'd\]y,  on  the  first  days  of  January  and  July  in  each  year, 
free  of  all  taxation;  the  payment  to  be  as  the  holder  of  a 
bond  may  prefer,  at  the  office  of  the  compan}7  in  Raleigh 
or  in  Philadelphia.  And  the  Raleigh  and  Gaston  Rail- 
road Company,  in  consideration  of  the  premises,  and  of 
ten  dollars  to  said  Company  paid  before  the  sealing  and 
delivery  hereof,  hath  granted,  bargained  and  sold,  and  by 
these  presents  doth  grant,  bargain,  sell,  conve}7,  assign, 
transfer  and  set  over  unto  the  parties  of  the  second  part 
the  said  Company's  railroad  and  franchises,  and  all  its 
works  and  property  of  every  description.  To  have  and 
to  hold  the  same  unto  the  parties  of  the  second  part, 
their  heirs,  successors  and  assigns,  in  trust,  that  until 
there  shall  be  default  in  paying  some  of  the  interest  or 
principal  herein  provided  for,  the  said  Company  may 
retain  possession  of  its  works  and  property,  and  enjoy 
the  same,  with  the  rents,  tolls  and  other  income  thereof; 
and  the  President  and  Directors  may  manage  and  oper- 
ate said  works  and  property,  and  apply  the  proceeds 
thereof  in  accordance  with  the  charter  of  the  company 
and  the  deeds  made  to  and  by  it.  And  at  any  time  or 
times  before  such  default,  the  said  parties  of  the  second 
part,  or  any  two  of  them,  or  the  survivor  of  them,  or  his 
executor  or  administrator,  may  sell  and  convey  any  of 
the  real,  and  permit  the  sale  and  transfer  of  any  of  the 
personal  property  of  said  company,  and  reinvest  the  pro- 
ceeds of  such  sale  or  salts  in  said  coupon  bonds,  or  in 
bonds  of  the  United  States,  or  in  other  property;  holding 
what  is  so  invested,with  the  interest  and  other  income 
thereof,  upon  the  same  trusts  as  are  declared  in  respect  to 


(129) 

the  property, out  of  the  sale  whereof  the  proceeds  so  rein- 
vested shall  arise.  But  in  case  there  shall  be  default  in 
paying  on  any  first  day  of  July  or  first  day  of  January, 
on  the  principal  of  any  of  said  coupon  bonds,  interest  as 
stipulated,  at  the  rate  of  eight  per  cent,  per  annum,  free 
of  all  taxation,  or  though  there  shall  have  been  no  pre- 
vious default  in  paying  such  interest;  yet  in  case  there 
shall  be  default  in  paying  the  principal,  or  any  part 
of  the  principal  of  any  of  said  bonds,  at  the  time  thereby 
stipulated  for  such  payment,  then  in  either  of  said  cases, 
if  the  default  shall  continue  for  two  months,  the  said 
parties  of  the  second  part,  or  any  two,  or  either  of  them, 
or  the  executor  or  administrator  of  the  survivor  of  them, 
may  proceed  personally,  or  by  attorney  or  agent,  to  take 
possession  of  the  Company's  works  and  property,  and 
manage  the  same,  and  apply  so  much  of  the  rents,  tolls 
and  other  income  thereof,  as  may  be  necessary  to  defray 
taxes,  charges  for  repairs,  and  the  expense  of  operating 
the  railroad  and  conducting  its  business  ;  and  whether 
such  possession  be  taken  or  not,  the  parties  of  the  second 
part,  or  any  two,  or  either  of  them,  or  the  executor  or  ad- 
ministrator of  the  survivor  of  them,  may,  and  if  required 
by  creditors  entitled  to  the  greater  part  of  the  money  due. 
and  unpaid. on  said  coupon  bonds,  shall  give  notice  of 
the  time  and  place  of  sale  of  all  the  Company's  works  and 
property,  by  advertisement  published  not  less  than  three 
times  a  week,  for  six  weeks,  in  two  daily  newspapers  in 
the  city  of  New  York,  and  in  one  newspaper  in  each  of 
the  cities  of  Philadelphia,  Norfolk  and  Raleigh,  if  and  so 
far  as  the  same  may  be  practicable,  and  at  said  time  and 
place,  or  such  time  and  place  as  the  sale  may  be  ad- 
journed to,  shall  make  a  sale  under  this  deed  for  cash,  or 
upon  such  credit  as  may  be  prescribed  by  creditors  en- 
titled to  such  greater  part  of  the  money  so  due  and  unpaid, 
and  after  receiving  the  purchase  money,  shall  make  pur- 
suant to  the  sale,  a  conveyance,  by  which  sale  and  con- 
veyance there  shall  pass  to  the  purchaser  at  the  sale,  not 
only  the  works  and  property  of  the  Company  as  they 
17  * 


(130) 

were  at  the  time  of  making  this  deed,  but  any  works 
which  the  Company  may  after  this  time  and  before  the 
sale  have  constructed,  and  all  other  property  of  which  it 
may  be  possessed  at  the  time  of  the  sale,  other  than  debts 
due  to  it.  And  all  the  money  which  may  be  received  in 
the  execution  of  this  trust,  whether  for  income  or  pro- 
ceeds of  sale,  shall  be  applied  first  to  the  payment  of 
necessary  expenses,  including  a  commission,  to  be  divided 
between  the  acting  trustees,  of  five  per  cent,  on  the  first 
one  thousand  dollars,  and  three  per  centum  on  the  resi- 
due of  such  income  or  proceeds,  and  then  pro  rata  to  the 
payment  of  the  holders  of  said  coupon  bonds,  of  the 
principal  of  said  bonds,  with  interest  thereon  as  aforesaid, 
whether  the  sale  be  made  before  or  after  the  first  day  of 
January,  1898,  and  the  surplus  shall  be  subject  to  the 
payment  of  all  money  for  which  the  Company  may  at 
the  time  of  said  sale  be  liable,  otherwise  than  in  respect 
to  said  coupon  bonds.  And  after  payment  of  all  debts 
due  by  the  Company,  then  whatever  may  remain  of  said 
surplus  shall  be  distributed  among  the  holders  of  shares 
of  stock  of  the  Company  according  to  their  respective 
interest.  If  before  a  sale  and  conveyance  by  virtue  hereof, 
any  of  the  parties  of  the  second  part  shall  die  or  become 
incapable  of  acting  in  the  execution  of  the  trust,  the  sur- 
vivors or  survivor  of  said  parties  may  by  an  instrument 
of  writing,  signed  and  sealed,  appoint  successors  or  a  suc- 
cessor in  the  place  and  stead  of  them  or  him  so  dead  or 
incapable.  Such  instrument,  after  being  duly  acknowl- 
edged or  proved,  shall  be  registered  in  the  counties 
wherein  this  deed  is  registered,  and  from  the  time  of  the 
complete  registration  thereof,  such  successor  shall,  with- 
out any  further  conve\Tance,  be  invested  with  all  the 
right,  estate,  power  and  authority  which  the  party  in 
whose  place  and  stead  he  is  appointed  had,  when  such 
party  died  or  became  incapable  of  acting. 

Sealed  with  the  common  seal  of  the  Raleigh  and  Gas- 
ton   Railroad   Company,  and  signed  by  the   President 


(i3i) 

thereof,  and  two  other  members  of  the  corporation  ;  also 
signed  and  saaled  by  the  parties  of  the  second  part. 

W.  J.  Hawkins,  President. 

Paul  C.  Cameron,  Director. 

Jos.  B.  Batchelor,  Director. 

Edmund  Randolph  Robinson,  Trustee. 

William  Nevins  Whelen,       " 

W.  E.  Anderson,  " 

Attested  by  the  following  witnesses  : 

m  -r>  )  Witnesses  as  to  the 

Ihomas  Badger,    [  ,-.      ^      .i 

w  w  vass        r  executl0n  hy the 

J  President  and  Directors. 

Charles  E.  Mills,      \  •  As  to 

Charles  Nettleton,  /Edmund  Randolph  Robinson. 
Samuel  L.  Taylor,  )  As  to 

Charles  M.Robinson,    j  William  Kevins  Whelen. 
Thomas  Badger, — -As  to  W,  E.  Anderson. 

State  of  North  Carolina,  \  In  the  Probaie  Court 
Wake  County.  j 

Be  it  remembered,  that  on  this  the  the  twenty-third 
da}''  of  April,  A.  D.  1873,  the  execution  of  the  foregoing 
deed  was  duly  proven  by  the  oath  and  examination  of 
Thomas  Badger,  one  of  the  subscribing  witnesses,  as  to 
W.  J.  Hawkins,  Paul  C.  Cameron  and  Jos.  B.  Batchelor. 

In  witness  whereof,  I  have  hereunto   set  my 
[l.  s.]  hand  and  affixed  the  official  seal  of  my  office, 

the  year  and  date  above  written. 

John  1ST.  Bunting, 
Probate  Judge. 
State  op  New  York, 


City  and  County  of  New  York,  r 

On  this  28th  day  of  April,  A.  D.  1873,  before  me, 
Charles  Nettleton,  a  Commissioner  appointed  by  the  State 
of  North  Carolina,  in  and  for  the  State  of  New  York,  re- 
siding in  said  City  of  New  York,  personally  came  Ed- 
mund  Randolph   Robinson,  the  bargainor  in  the  fore- 


( 132 ) 

going    Instrument,   and    acknowledged    the   execution 
thereof,  as  trustee  therein  named. 

Charles  Nettleton. 
In  witness  whereof,   I  have   hereunto  set  my 
[l.  s.]  hand  aad  affixed  my  official  seal  this  28th 

day  of  April,  A.  D.  1873. 

Charles  Nettleton, 

Commissioner  for  North  Carolina  in  New  York,  117  Broadway,  N.  Y.  Ci<y. 

State  of  Pennsylvania,       1 
City  and  County  of  Philadelphia,  J  s  ' 

On  this  29th  day  of  April,  A.  D.  1873,  before  me,  Sam- 
uel L.  Taylor,  a  Commissioner  appointed  by  the  State  of 
North  Carolina,  in  and  for  the  State  of  Pennsylvania,  re- 
siding in  said  City  of  Philadelphia,  personally  came 
William  Nevins  Whelen,  the  bargainor  in  the  foregoing 
instrument,  and  acknowledged  the  execution  thereof,  as 
trustee  therein  named. 

In  witness  whereof  I  have  hereunto  set  my  hand 
[l.  s.]       and  affixed  my  Official  Seal  this  29th  day  of 
April,  A.  D.  1873. 

Samuel  L.  Taylor, 
Commissioner  for  North  Carolina  in  Pennsylvania, 
518  Walnut  Street,  Philadelphia. 

State  op  North  Carolina,  "I     T   ,,    -n   ,   .    n      . 
JJT  ;    n      t  r   -In  Ihe  Probate  Court. 

Wok:  County.  J 

Be  it  remembered,  that  on  this  the  eight  day  of  May, 
A.  D.  1873,  the  execution  of  'he  foregoing  deed  was  d 
proven  by  the  oath  and  exam  nation  of  Thomas  Badger, 
the  subscribing  witness*  as  to  W.  E.  Anderson;  and  the 
foregoing  deed  being  this  da}7  exhibited  before  me  with 
the  certificates  and  official  seals  of  Charles  Nettleton,  of 
New  York,  and  Samuel  L  Taylor,  of  Philadelphia,  com- 
missioners of  the  State  of  North  Carolina,  attached,  as  to 
the  execution  of  Edmund  Randolph  Robinson,  and  Wil- 
liam Nevins  Whelen  and  it  appearing  to  be  in  due  form 
it  is  therefore  adjudged  by  me  to  be  in  due  form  accord- 
ing to  law. 


(133) 

Therefore  let  this  deed,  with  the  certificates  above,  to- 
gether with  this  certificate,  be  registered. 

Given  under  my  hand  and  seal  of  office  the  year 
[l.  s.]       and  date  above  written. 

J.  K".  Bunting, 
Judge  of  Probate. 

Filed  for  registration  May  8th,  1873,  at  3  o'clock,  P.  M, 

W.  W.  White, 

Register  of  Deeds. 

Registered  in  the  Register's  Office  of  Wake  County,  in 
Book  No.  36,  and  pages  48,  49,  50,  51,  52,  53,  54  and  55, 
May  8th,  1873. 

W.  W.  White, 

Register  of  Deeds. 

Franklin  County:—  In  the  Probate  Court. 

The  foregoing  deed,  together  with  the  certificate  of 
probate,  by  the  Probate  Judge  of  Wake  county,  under 
the  seal  of  the  Court  of  Probate  for  said  county,  is  this 
10th  day  of  May,  1873,  exhibited  before  the  undersigned 
Judge  of  Probate  for  Franklin  county,  whereupon,  it  is 
adjudged  that  the  said  deed  is  duly  proved,  and  the  said 
certificate  is  in  due  form.  Therefore  let  the  said  deed, 
together  with  all  the  proceedings  be  registered. 

[l.  s.]  R.  H.  Timberlake, 

Probate  Judge. 

State  op  North  Carolina, 

Franklin  County. 

I.  J.  B.  Tucker,  Register  of  Deeds  for  the  county  afore- 
said, do  hereby  certify  that  the  above  Deed  of  Trust  and 
certificates  are  duly  and  truly  registered  in  book  No.  39, 
and  on  pages  86,  87.  88,  89,  90  and  91  of  said  book,  this 
May  10th,  1873. 

J.  B.  Tucker. 
Register  of  Deeds,  &c. 


(134) 

North  Carolina     )  Jn  m  Prokde  ^ 
Granville  County,  j 

The  foregoing  deed,  together  with  the  certificate  of  the 
Probate  Judge  of  Wake  county,  under  the  seal  of  the 
Court  of  Probate  for  said  county,  and  the  certificate  of 
the  Probate  Judge  of  the  county  of  Franklin,  under  his 
seal  of  office,  is  this  the  12th  day  of  May,  A.  D.  1873,  ex- 
hibited before  me,  the  undersigned,  Probate  Judge  for 
the  county  of  Granville,  in  the  State  aforesaid.  It  is 
thereupon  adjudged  that  the  same  has  been  duly  proved 
and  that  said  certificates  are  in  due  form.  It  is  therefore 
ordered  that  the  said  deed,  together  with  said  certificates 
and  this  certificate,  be  registered  in  the  said  county  of 
Granville. 

[l.  s.]  C.  Betts, 

Probate  Judge. 

Received  for  registration  on  the  12th  day  of  May,  A. 
D.  1873,  at  5  o'clock.  P.  M.,  and  duly  and  truly  registered 
in  the  Register's  office  of  Granville  county,  in  book  27, 
on  pages  196,  197,  19S,  199,  200,  201,  202,   403   and  204. 

A.  H.  Cooke, 
Register  of  Deeds  for  Granville  County. 

State  of  North   Carolina,  1  T    ,7     n    7    ,    n      , 
Trr  n       ,  '  V  In  the  Probate  Court. 

Warren  County.  J 

Be  it  remembered,  that  on  the  13th  day  of  May,  A.  D. 
1873,  before  me,  William  A.  White,  Judge  of  said  Court, 
the  foregoing  deed  is  produced  and  exhibited,  and  it  ap- 
pearing to  the  satisfaction  of  the  Court,  from  the  certifi- 
cates and  official  seals  of  Charles  Nettleton,  of  New  York, 
and  Samuel  Taylor,  of  Philadelphia,  Commissioners  of 
the  State  of  North  Carolina,  that  the  execution  of  the 
said  deed  was  duly  acknowledged  by  Edmund  Randolph 
Robinson  and  William  Nevins  Whelen  ;  and  it  further 
appearing  from  the  certificate  and  seal  of  J.  N.  Bunting, 
Probate  Judge  of  Wake  county,  State  of  North  Carolina, 
that  the  execution  of  the  said  deed  b}T  W.  J.  Hawkins, 


(135) 

Paul  Cameron,  Joseph  B.  Batchelcr  and  W.  E.  Anderson, 
was  duly  proved  before  him  ;  I  therefore  adjudge  said 
deed  duly  proven,  and  the  same,  together  with  said  cer- 
tificates, and  this  certificate,  are  ordered  to  be  registered. 

[l.  s.]  William  A.  White, 

Probate  Judge. 

Received  for  registration  the  13th  day  of  May,  A.  D. 
1873,  and  duly  registered  on  the  same  day  in  Book  36, 
pages  90,  91,"  92,  93,  94,  95  and  90,  in  the  office  of  the 
Register  of  Deeds,  of  Warren  county,  N.  C. 

Isham  II.  Bennett, 
Register  of  Deeds. 

State  op  North    Carolina, 


,  ,-.  ,  rIn  the  Probate  Court. 

Halifax  County. 

Be  it  remembered,  that  on  the  fourteenth  day  of  Ma}r, 
A.  D.  1873,  before  me,  John  T.  Gregoiw,  Judge  of  said 
Court,  the  foregoing  deed  is  produced  and  exhibited, and 
it  appearing  to  the  satisfaction  of  the  Court,  from  the 
certificate  and  official  seals  of  Charles  Nettleton,  of  New 
York,  and  Samuel  Taylf>r,  of  Philadelphia,  Commission- 
ers of  Deeds  for  the  State  of  North  Carolina,  that  the  exe- 
cution of  the  said  deed  was  duly  acknowledged  by  Ed- 
mund Randolph  Robinson  and  William  Kevins  Whelen  ; 
and  it  further  appearing  from  the  certificate  and  seal  of 
J.  N.  Bunting,  Probate  Judge  of  Wake  county.  State  of 
North  Carolina,  that  the  execution  of  the  said  deed  by 
W.  J.  Hawkins,  Paul  C.  Cameron,  Joseph  B.  Batchelor 
and  W.  E.  Anderson,  was  duly  proved  before  him  ;  I 
therefore  adjudge  said  deed  duly  proven,  and  the  same, 
together  with  said  certificates,  and  this  certificate,  are 
ordered  to  be  registered. 

[l.  s.]  John  T.  Gregory, 

Piobate  Judge. 

Received  and  recorded  this  14th  day  of  May,  1873, 
Book  41,  pages  552,  553,  554,555,  556,557,  558,  559,  560, 
561  and  562. 

Ben.  II.  Franklin, 
Register  of  Deeds. 


(136) 
(BOND.) 


RALEIGH  AND  GASTON   RAILROAD  COMPANY. 

Loan  of  $1,000,000. 
First  Mortgage,  and  Free  of  all  Taxation. 

X*  {^Sute0^0;.1^}  ^ 

Know  all  Men  by  these  Presents,  That  the  Raleigli 
and  Gaston  Railroad  Company  acknowledge  themselves 
indebted  in  the  sum  of  one  thousand  dollars,  being  for 
money  borrowed  by  said  company,  by  authority  given  at 
a  meeting  of  the  stockholders  thereof,  on  the  3rd  day  of 
October,  1872,  which  said  sum  of  one  thousand  dollars, 
the  said  Raleigh  and  Gaston  Railroad  Company  hereby 
promise  to  pay  to  the  order  of  W.  "W.  Vase,  Treasurer  of 
said  company,  on  the  first  day  of  January,  1898, 
with  interest  at  the  rate  of  eight  per  centum  per  annum, 
payable  semiannuall}',  on  the  first  days  of  January  and 
July  in  each  year ;  the  said  interest  and  principal  to  be 
paid  as  the  holder  of  this  bond  may  prefer,  at  the  office 
of  the  company  in  Raleigh,  or  in  Philadelphia,  upon 
presentation  and  delivery  of  the  dividend  warrants,  in 
the  margin  hereof,  until  the  payment  of  the  principal 
sum. 

Witness  the  seal  of  the  Raleigh  and  Gaston  Railroad 
Company,  and  the  signatures  of  the  President  and 
Treasurer  thereof,  this  first  day  of  January,  1873. 


President 


Treasurer. 

This  Seal  is  affixed  in  our  presence. 


Directors 
R.  &  G.  R.  R.  Co. 


(137) 

Semi-annual  Dividend  Warrants  in  margin,  from  July 
1st,  1873,  to  January  1st,  1893,  of  form  annexed. 


RALEIGH  AND  GASTON  RAILROAD 
COMPANY. 

Dividend  Warrant  for  Forty   Dollars,  bein^  half 
yearly  interest  on  bond  No,  payable  1st  Jan. 

18     . 


Treasurer. 


A    CONDENSED     HISTORY     OP     THE      RALEIGH     AND    GASTON 
RAILROAD    COMPANY. 

The  Company  was  originally  chartered  in  1835,  to  run 
from  Gaston  to  Raleigh.  Work  commenced  soon  there- 
after. The  road  was  completed  through  to  Raleigh  in 
1843.  It  existed  under  great  difficulties  until  it  was 
finally  sold  under  a  foreclosure  directed  by  act  of  the 
General  Assembly  ratified  6th  January,  1845.  At  the 
sale  in  pursuance  thereof  the  State  of  North  Carolina, 
through  its  then  Governor,  Hon.  William  A.  Graham, 
bought  the  entire  property  and  franchises.  It  was  then 
run  entirely  as  a  State  institution  until  its  reorganization 
under  the  acts  of  the  General  Assembly,  ratified  January 
29th,  1851,  and  25th  December,  1852. 

THE    NEW    COMPANY. 

The  first  meeting  of  stockholders  to  organize  under  the 
new  charter  was  held  at  Warrenton,  N.  C,  11th  and  12th 
September,  1851,  when  George  W.  Mordecai  was  elected 
President  and  W.  W.  Vass,  Secretary  and  Treasurer. 
The  first  stockholders'  meeting  held  thereafter  met  at 
Henderson  14th  and  15th  January,  1852,  when  resolu- 
tions were  introduced  and  adopted  looking  to  a  connec- 
tion with  the  Seaboard  Railroad  at  Weldon.  The  Presi- 
18 


(188) 

dent  also  recommended  an  accual  connection  at  Raleigh 
with  the  North  Carolina  Railroad. 

The  road  from  Gaston  to  Weldon  and  the  entire  recon- 
struction of  the  whole  line  was  completed  in  1853.  The 
new  bridge  at  Gaston  was  completed  in  1858.  It  was 
burnt  down  on  their  retreat  by  the  Confederate  forces  in 
1865,  and  has  not  been  rebuilt. 

At  the  stockholders*  meeting,  November  3d,  1859,  the 
fiscal  year  was  changed  so  as  to  end  May  31st,  instead  of 
September  30th. 

At  the  stockholders'  meeting  held  4th  of  July,  1861, 
the  act  of  the  General  Assembly  ratified  22d  February, 
1861,  entitled  "An  act  allowing  the  Raleigh  &  Gaston 
Railroad  Company  to  increase  its  capital  stock,"  was  ac- 
cepted, and,  by  resolution,  the  capital  stock  was  increased 
from  $973,300  to  $1,500,000,  $125,000  of  the  increase  to 
be  held  to  purchase  slaves  for  the  road  and  the  rest  of  the 
increase  being  divided  among  the  stockholders  as  a  stock 
dividend. 

At  the  stockholders'  meeting  held  20th  March,  1862, 
the  Board  of  Directors  were  authorized  to  subscribe  for 
2,000  shares  of  stock  in  the  Chatham  Railroad  Company. 

At  the  stockholders'  meeting  held  July  2d,  1863,  the 
amended  by-laws  were  adopted  and  the  annual  meeting 
fixed  for  the  first  Thursday  in  July  each  year. 

At  the  stockholders'  meeting  7th  July,  1864,  a  further 
subscription  of  $300,000  to  the  capital  stock  of  the  Chat- 
ham Railroad  Company  was  authorized. 

At  the  meeting  20th  July,  1865,  an  order  from  Provis- 
ional Governor  Holden  was  read,  forbidding  representa- 
tion in  person  or  by  proxy  of  any  stockholders  who  were 
"  within  the  fourteen  classes  excepted  from  the  President's 
amnesty  proclamation."  This  not  leaving  a  quorum,  the 
meeting  adjourned  to  August  4th,  1865.  At  this  meeting 
it  was  directed  that  the  Legislature  be  petitioned  to  allow 
the  Gaston  bridge  to  be  discontinued,  and  the  act  passed 
in  pursuance  thereof  was  accepted  at  the  next  stock, 
holders'' meeting  held  5th  July,  1866.     At  this  meeting 


(139) 

of  1866  a  committee  was  appointed  to  confer  with  other 
committees  to  agree  upon  the  scale  of  the  stock  of  the 
Chatham  Railroad  Company. 

At  the  stockholders' meeting  held  4th  July,  1867,  an 
act  of  the  General  Assembly  ratified  4th  March,  1867, 
entitled  "  An  act  to  amend  the  charter  of  the  Raleigh  & 
Gaston  Railroad  Company,"  was  accepted.  As  a  conse- 
quence the  stockholders  elected,  for  the  first  time,  all 
seven  of  the  directors.  Before  the  exchange  of  the  State 
stock  authorised  by  ordinance  of  the  Convention  of  16th 
June,  1866,  the  State  had  appointed  three  directors  and 
the  private  stockholders  had  elected  four.  At  this  same 
meeting  4th,  July,  1867,  a  new  code  of  by-laws  were 
adopted,  and  the  annual  meeting  was  fixed  on  the  third 
Thursday  of  July. 

At  the  annual  meeting,  16th  July,  1868,  the  Board  of 
Directors  were  authorized  to  aid  the  Chatham  Railroad 
Company  to  an  extent  not  to  exceed  $50,000. 

A.  B.  Andrews  was  elected  Superintendent  in  1867,  and 
filled  that  position  till  his  resignation,  November  1st, 
1875,  when  Maj.  John  C.  Winder  was  elected  Superin- 
tendent, a  position  he  still  fills. 

On  July  28th,  1868,  a  contract  for  five  years  was  signed 
with  the  President  of  the  North  Carolina  Railroad  by 
which  the  through  freights  of  that  road  were  shipped 
over  the  Raleigh  &  Gaston  Railroad. 

At  the  animal  meeting,  20th  July,  1871,  the  Board  of 
Directors  were  authorized,  in  person  or  by  proxy,  to  rep- 
resent the  stock  of  this  road  in  the  stockholders'  meetings 
of  the  Chatham  Railroad  Company.  A  committee  was 
appointed  to  report  to  next  stockholders'  meeting  whether 
the  amendment  to  the  charter  changing  the  mode  of  elec- 
tion of  the  President  would  transfer  the  control  of  the 
charter  to  the  General  Assembly. 

At  an  adjourned  meeting  of  stockholders,  held  October 
3d,  1872,  said  act  being  entitled  "An  act  to  amend  the 
charter  of  the  Raleigh  &  Gaston  Railroad  Company," 
ratified  4th  December,  1871,  was   accepted   and  became  a 


(140) 

part  of  the  charter.  Thereafter  the  President  has  been 
elected  by  a  direct  vote  of  the  stockholders,  instead  of  by 
the  Board  of  Directors,  and  the  stockholders  elect  six,  in- 
stead of  seven  directors. 

On  the  1st  of  October,  1875,  Dr.  W.  J.  Hawkins  having 
resigned  as  President,  Maj.  Geo.  W.  Grice  was  elected  to 
fill  the  vacancy.  On  November  12th,  1875,  Major  Grice 
died,  and  on  the  30th  of  the  same  month  John  M.  Robin- 
son was  elected  to  succeed  him. 

On  April  7th,  1877,  the  Raleigh  &  Augusta  Air  Line 
Railroad  executed  a  mortgage  on  its  road  and  franchises 
(being  the  only  mortgage  now  on  that  road)  to  secure 
payment  of  dividends  on  the  $1,000,000  preferred  eight 
per  cent,  stock  ol  that  road  held  by  the  Raleigh  and  Gas- 
ton Railroad  Company. 

At  the  directors'  meeting  held  20th  July,  1877,  the 
President  reported  that  the  subscription  for  $1,000,000  of 
the  preferred  stock  of  the  Raleigh  &  Augusta  Air  Line 
Railroad,  made  by  this  company,  had  been  paid  in  full 
and  that  $140,000  of  the  mortgage  bonds  of  the  Raleigh 
&  Gaston  Railroad  remained  untouched.  Thereupon  it 
was  resolved  that  the  issue  of  said  bonds  should  be  lim- 
ited for  the  present  to  $860,000.  The  Raleigh  and  Augusta 
Air  Line  Railroad  Company  was  reported  as  nearly  com- 
pleted to  its  connection  with  the  Carolina  Central  at 
Hamlet,  it  being  thought  that  the  cars  would  run  through 
regularly  in  a  few  days. 

Raleigh.  N.  C.  August  1,  1877. 

THE  END. 


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